elco, a casino operator run by Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho, has entered into an agreement with the Philippines' Belle to develop a casino-hotel-retail complex in Manila's Entertainment City. Belle is partly owned by the Philippines' richest man, Henry Sy.
Melco, through its Philippine units, will buy the shares from two major shareholders of Manchester, which has investments in pharmaceutical and real estate businesses. Financial details were not disclosed.
Manchester's class A shares jumped as much as 34 percent, while its class B shares rose as much as 40 percent following the announcement. The broader market, which rallied to new peaks last week, fell 0.5 percent in early trade.