Mr. Lawrence Ho, Group Chairman and CEO of Melco International Development Limited (Right) and Mr. Zhu Xiaoping, Chairman of ICBC (Macau) Limited (Left).
The Group now holds approximately 51.3% stake in MCE versus approximately 37.9% before. The financial results of MCE will continue to be consolidated in the financial statements of the company.
The aggregate purchase price for 198,000,000 ordinary shares, equivalent to 66,000,000 American depositary shares (“ADS”s), of MCE was US$1,100,800,800. Melco immediately paid a deposit of US$100,000,000 upon signing the acquisition agreement. To support the purchase, Melco obtained a credit facility of up to US$1,000,000,000, comprising a US$700,000,000 term loan facility for this purpose and a US$300,000,000 revolving credit facility, from Industrial and Commercial Bank of China (Macau) Limited (“ICBC Macau”) and Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”). The remaining amount of the closing payment was settled using the Group’s internal resources.