Melco Resorts to delist from PSE

Melco Resorts and Entertainment Corporation is delisting its common shares from the Philippine Stock Exchange (PSE), the company said on Monday.

The corporation’s board of directors approved the voluntary delisting from the PSE’s main board subject to compliance with the rules on delisting,  the company said in a regulatory filing submitted by Marissa Academia, Melco Resorts’ corporate information officer.

Its majority shareholder intends to buy the remaining shares held by the public at large.

Melco Resorts was informed by MCO (Philippines) Investments Limited, its majority shareholder, that it intends to conduct a tender offer for up to P1,543,421,147 outstanding common shares held by the public, representing approximately 27.23 percent of the outstanding capital stock of the company, at a tender offer price of P7.25 per share.

Shares of Melco Resorts closed at P6.90 per share on Monday, up P0.69 or 11.11 percent from P6.21 on Friday.

Luis Limlingan, head of sales at Regina Capital Development Corporation, said the “parent company may simply want to get its common shares back.”

A report on the tender offer will be filed before the PSE Securities and Exchange Commission on September 17,  including the terms and conditions, with each common shareholder separately getting the tender offer materials.

Melco Resorts and Entertainment is a subsidiary of Melco Resorts & Entertainment, a developer, owner and operator of casino gaming and entertainment resort facilities in Asia.

City of Dreams Manila—an integrated hotel, gaming, retail and entertainment complex within Entertainment City Manila—has been developed by Melco Resorts in cooperation with SM Group’s Belle Corporation, and Premium Leisure Amusement Inc. —VDS, GMA News