Singapore's Temasek acquires 5% stake in gaming firm Melco Crown

Temasek Holdings Private Ltd., an investment firm owned by the Singapore government, has acquired a 5.02-percent stake in listed gaming company Melco Crown (Philippines) Resorts Corp.

In a filing with the Philippine Stock Exchange, Melco reported that Temasek has bought 222.245 million Melco shares through the stock market as of May 28, equivalent to a 5.02-percent interest.

Melco is the local arm of Hong Kong-based Melco Crown Entertainment Ltd.

In partnership with Sy-led Belle Corporation, Melco Crown is building the 250,000-square meter casino resort complex Belle Grande Manila in the Entertainment City complex along Manila Bay.

In April, Melco raised $377 million from an equity placement, to be used in the construction of the $1.3-billion Belle Grande.

According to Melco Crown,  it sold 981.183 million shares and another 117.075 million in overallotment shares. — BM, GMA News