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Melco continues Philippines restructure

Newsdesk by Newsdesk
Sun 9 Jun 2019 at 16:21
Belle Corp, Premium Leisure confirm second Philippines IR interest with provincial location on the cards
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Melco Resorts & Entertainment (Philippines) has filed an application with the Securities and Exchange Commission to restructure its equity in order to eliminate accumulated deficits.

The application relates to a plan by Melco, which operates City of Dreams Manila, to reduce the number of common shares in the company from 5.9 billion to just 11,800, increasing the value of each share from Php1 to Php500,000.

In a Friday filing to the Philippines Stock Exchange, Melco Resorts & Entertainment (Philippines) said it and three subsidiaries – MPHIL Holdings No. 1 Corporation, MPHIL Holdings No. 2 Corporation and Melco Resorts Leisure (PHP) Corporation – had each filed an application for the equity restructuring.

The company added that, if approved, it would apply additional paid-in capital to the accumulated debts, bringing the resulting value of each company’s accumulated deficit to zero with no changes to the equity of individual shareholders.

Melco’s application follows last year’s tender of public shares which saw MCO (Philippines) Investments Limited, a subsidiary of Melco International Development Ltd, increase its stake in Melco Resorts and Entertainment (Philippines) from 72.54% to 96.1%.

By reducing the number of shares into larger batches, MCO is also looking to repurchase the resulting fractional shares at a share price of Php7.25 per current share, increasing its overall holding.

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