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MCO to own 96% of Melco after tender offer

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By James A. Loyola

Melco Resorts and Entertainment (Philippines) Corporation (MRP) reported that 85 percent of its minority shareholders have sold their shares in the company during the tender offer made pay its parent company MCO Investments Limited.

In a disclosure to the Philippine Stock Exchange, MRP said a total of 1.34 billion shares were tendered out of the 1.57 billion shares owned by minority stakeholders.

Once the shares are crossed at the PSE, MCO will own 96.1 percent of MRP — this means MRP will no longer be compliant with the bourse’s 10 percent minimum public ownership requirement for listed companies.

“MCO Investments is expected to own, directly and indirectly, without taking into account any further MRP shares that may be acquired by MCO Investments or its affiliates following the filing of this disclosure, a total of 5.46 billion common shares in MRP, representing 96.1 percent of the outstanding capital stock of MRP,” the company said.

It added that, “as such, after the crossing of the tendered shares, it is expected that MRP’s public ownership will fall below the minimum public ownership requirement under the amended PSE rules on minimum public ownership (MPO requirement) which requires a minimum public float of not less than 10 percent of the outstanding capital stock.”

MCO Investments had offered to acquire minority shares at P7.25 per share. Minority shareholders previously held 27.23 percent of MRP’s outstanding stock.

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