Macau (MNA) – The Melco Resorts And Entertainment (Philippines) Corporation (MRP) stock has been suspended on the Philippines Stock Exchange (PSE) due to the number of its shares falling below 10 per cent, which is the minimum amount required for a public float.
According to a stock exchange filing on the Hong Kong Stock Exchange (HKEX), the public float of MRP is at approximately 2.1 per cent, which is below the minimum pubic ownership requirement under the Amended PSE Rules on Minimum Public Ownership.
Melco International Development Limited withdrew its plans for a delisting MRP in the Philippines in October, instead proposing to increase its shareholding interests via tender offering.
The tender offer started on October 31, with cheques to shareholders issued on December 4.
To increase the bidder’s shareholding interest, Melco’s majority shareholder, namely, MCO Investments Philippines Ltd., which is owned by the parent company, plans to offer to buy 27 per cent of MRP by PHP7.25 (US$ 0.135/MOP1.08) per share.
After the tender offering, MCO now owns 97.9 per cent of the Philippines unit, which has led to the suspension of the stock.
MRP is the operator of the City of Dreams Manila casino complex in the capital city.