MANILA, Philippines – Melco Crown (Resorts) Philippines, the local arm of Macau-based casino giant Melco Crown Entertainment Ltd, sold $377 million worth of shares to fund its casino project in Manila.
Proceeds of the equity placement will be used to fund the construction of its $1.3-billion casino resort project with the Henry Sy group in the Entertainment City of state-run Pagcor.
UBS Philippines managing director Lauro Baja said Melco shares were sold at P14 apiece, at the top end of the company’s indicative price range.
“The orderbook was over 6 times oversubscribed with 140 investors,” Baja said.
Melco sold one billion shares and another 150 million covering overallotment.
Melco earlier said the issuance would broaden its investor base and widen its public float to 30.4% from 10.01%. The PSE requires that at least 10% of listed companies be held by public investors.
Melco, in partnership with Sy-led Belle Corp., is building Belle Grande Manila, which will open in the Entertainment City next year.
The casino resort will have more than 250,000 square meters of gross floor area, including 17,000 sqm of gaming space and more than 20,000 sqm of retail facilities and hotel rooms. – Rappler.com