Melco Resorts and Entertainment Chairman and CEO Lawrence Ho has boosted his holding in the company by more than 3% to 54.6% following a repurchase of ordinary shares recently approved by the board.
In an SEC filing overnight, Melco revealed that Ho, together with majority shareholder Melco International Development – of which he owns 54.05% – and Melco International subsidiary Melco Leisure and Entertainment, had increased their stake to 53.8% following the share repurchase.
In addition, Ho personally holds 8,434,073 Ordinary Shares and options vested or vesting within 60 days to purchase another 3,258,936 Ordinary Shares, together representing 0.8% of Melco’s Ordinary Shares.
Under Melco Resorts’ previously declared ownership structure, the 42-year-old had held 51.3% of the company including 4,122,944 personally-owned Ordinary Shares, plus rights to purchase another 0.7%.
Ho’s combined interest in Melco Resorts now sees him either fully or partially control a total of 768,922,052 shares of which Melco International and Melco Leisure hold some voting power over 757,229,043.
According to information provided in the filing, his 54.05% holding in Melco International includes 2.76% held personally, 31.32% held by companies he or trusts affiliated with him control and 19.97% controlled by a discretionary family trust, the beneficiaries of which include Ho and his immediate family members.
“Consequently, Mr Ho may be deemed to beneficially own an aggregate of 829,115,396 ordinary shares of Melco International, representing approximately 54.05% of Melco International’s ordinary shares outstanding,” the filing said.
In April, Melco Resorts granted Ho American depository shares to the value of US$5.1 million “to recognize Mr Ho’s contribution to the success and development of the Melco Resorts group and to incentivize and motivate him to continue to strive for the future development of the Melco Resorts group and its business.”
Those shares will be issued in two batches on 29 March 2020 and 29 March 2021, further increasing his personal stake in the company.
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