Macau (MNA) – Melco (Philippines) Investments Limited, an indirect wholly-owned subsidiary of Melco Resorts and Entertainment, announced on Monday its plans for delisting by conducting a voluntary tender offer for up to 1.54 billion outstanding common shares of Melco Resorts and Entertainment (Philippines) Corporation.
In today’s filing with the Hong Kong Stock Exchange, the company attributed the delisting from the Philippine Stock Exchange to the lack of ability to raise funds in the stock market for project expansion and other business plans – which was the main reason the company decided to pursue the listing in the first place.
It added that the tender offer and voluntary delisting of Melco Resorts Philippines would also allow Melco (Philippines) Investments to consolidate its interests in the latter ‘to better support and facilitate’ the Philippine-based property’s ‘future business plans’.
Melco Resorts is the operator of City of Dreams Manila.
The offer represents roughly 27.23 per cent of the issued and outstanding common shares of Melco Resorts Philippines with the tender offer price set at Philippine Peso 7.25 (HK$1.05) per share.
The board of directors in the Philippines has approved the voluntary delisting of Melco Resorts Philippines’s shares and stated it intends to file a petition for voluntary delisting ‘on or about September 17, 2018’.
The company also announced in the filing that it will proceed with the request for voluntary delisting ‘regardless of the level of acceptances under the tender offer’.
Melco Resorts has its American depositary shares listed on the NASDAQ Global Select Market in the United States and is a subsidiary of the Company.