Melco to delist from Philippine Stock Exchange

Melco Resorts and Entertainment Corp. has announced a restructuring plan in the Philippines, by which the company’s subsidiary in the country would delist from the Philippine Stock Exchange. The majority shareholder of Melco, MCO Investment Limited, would buy back the present 27.2 per cent of the Melco shares held by the public at present.

A statement from the company reads: “MCO Philippines decided to delist MRP from the stock exchange as its fundraising ability was not performing as expected in recent years ‘despite considerable efforts and expenses being incurred to maintain its listed status.”

The company sources said the restructure would boost the company “as it will reduce some of the complexity in MLCO by eliminating a publicly traded affiliate with limited liquidity and allow MLCO more flexibility in further growing the Philippines business.”