Melco seeks to delist shares from PSE

Published September 10, 2018, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Melco Resorts and Entertainment (Philippines) Corporation (MRP) is seeking to delist its common shares listed from the Philippine Stock Exchange due to its inability to raise funds from the equities market.

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In a disclosure to the Philippine Stock Exchange, the firm said that, as part of its voluntary delisting, its parent company MCO (Philippines) Investments Limited (MCO Philippines) will be conducting a tender offer for up to 1.54 billion of its shares held by the public.

The shares, equivalent to 27.23 percent of the company, will be bought at P7.25 per share or a total of P11.17 billion if all shareholders decide to sell back their shares.

MRP is indirectly controlled by Melco Resorts & Entertainment Limited is currently the shareholder of 3.95 billion issued and outstanding MRP shares and the beneficial owner of 173.84 million MRP shares, comprising in aggregate approximately 72.77 percent of the outstanding MRP shares.

MRP intends to file a petition for voluntary delisting on or about September 17, 2018. MRP intends to proceed with the request for voluntary delisting regardless of the level of acceptances under the Tender Offer.

Melco said it viewed the listed status of MRP as an important tool allowing MRP to raise funds in the Philippines public market, in order to provide capital for expansion and other business plans.

“However, the Bidder believes that MRP’s listed status in recent years has not contributed to its ability to raise funds despite considerable efforts and expenses being incurred to maintain its listed status,” it said in a disclosure in Hong Kong.