It plans a us$ 300 million dual listing
Melco International eyes Manila IPO
2012-09-05
Reading time 37 seg
(Philippines).- Hong Kong-listed Melco International Development is planning a us$ 300 million dual listing on the Manila stock exchange, publication Business Daily reports. Proceeds are to be used in a casino resort in Manila to be developed in a joint-venture between Melco Crown Entertainment and Belle Corp, controlled by Philippine billionaire Henry Sy.
Melco International, led by Lawrence Ho Yau Lung, is one of the reference shareholders at Melco Crown, roughly holding one-third of it. When the deal between Melco Crown and Belle for the Manila casino was first announced in July, Melco Crown said its total investment over the course of the project was expected to be no more than us$ 580 million.
Belle holds one of four licences to operate a casino resort in the new Manila Entertainment City.
Other licence holders include Genting Hong Kong, Philippine port magnate Enrique Razon Jr. and Japanese businessman Kazuo Okada, who was until recently Wynn Resorts’s biggest shareholder.
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