In the Philippines, the MCO (Philippines) Investments Limited subsidiary of Asian casino giant Melco Resorts and Entertainment Limited has reportedly announced that it has launched a campaign to bring the entire shareholding of its Melco Resorts and Entertainment (Philippines) Corporation subordinate back in house.
Parent hoping to acquire remaining stake:
According to a report from GGRAsia, MCO (Philippines) Investments Limited already holds around 72.77% of the shares in Melco Resorts and Entertainment (Philippines) Corporation, which operates the City of Dreams Manila integrated casino resort, but is now hoping to acquire the remaining 27.23% publicly-held stake via a tender worth approximately $212.87 million.
Melco Resorts and Entertainment (Philippines) Corporation reportedly used an official Wednesday filing (pdf) to detail that the tender offer is due to run until November 29 and has Melco Resorts and Entertainment Limited, which is itself a subsidiary of Hong Kong-headquartered Melco International Development Limited, valuing each one of its just over 1.56 billion outstanding common shares at nearly $0.14.
Planning for the future:
Currently listed on the Philippine Stock Exchange, Melco Resorts and Entertainment (Philippines) Corporation reportedly stated that its majority owner is hoping that the already twice amended action will see it increase its ‘shareholding interest’ in order to be able to more proficiently plan for the future.
De-listing proposal abandoned:
GGRAsia reported that MCO (Philippines) Investments Limited had earlier proposed de-listing Melco Resorts and Entertainment (Philippines) Corporation in order to reduce costs and allow it to raise additional capital. However, it purportedly abandoned this plan early last week in favor of increasing its overall stake and pledged to ‘apprise and consult with the Philippine Stock Exchange about the steps it may take if compliance with the public ownership becomes an issue’.