Philippine Stock Exchange Delists Melco Resorts

Melco Resorts and Entertainment has been delisted from the Philippine Stock Exchange after falling below the PSE’s minimum required threshold for public ownership.

The delisting comes six months after Melco completed the crossing over of shares from a tender offer aimed at increasing the shareholding of MCO Investments Limited. The stakes were increased from 72.54% to 96.1%, pushing the amount held by other shareholders well below the required 10% minimum public ownership requirement.

Melco (Philippines) is also looking to further decrease the public holding via a reduction in the number of common shares in the company from 5.9 billion to just 11,800, with the value of each share increasing from Php1 to Php500,000.