redit Suisse (Hong Kong) and Deutsche Bank, Hong Kong Branch are the joint sponsors of the dual primary listing. The listing is subject to the final approval of the stock exchange and other relevant authorities.
Lawrence Ho, co-chairman and CEO of Melco Crown, said the company’s management believes the proposed dual listing “will not only put us on a par with our competitors, but will also provide our existing shareholders with enhanced liquidity and enable local and Asian investors to directly access investment opportunities in our company, thus broadening our investor base.”
He added that, taking into account the current market sentiment, “we do not currently intend to carry out any equity offering.”
Meanwhile, the company also announced that the shareholders’ loans initially provided in 2006 by wholly-owned subsidiaries of the company’s major shareholders, Hong Kong-based Melco International Development and Australian Crown, were converted into ordinary shares.
The dilution impact from the conversion on other existing shareholders of the company, based on the conversion price, was approximately 0.80 %. Upon completion of the conversion, Melco and Crown will maintain their interests in the company in equal proportions, at 33.65 percent each.