Melco to be delisted from Philippine Stock Exchange
Melco Resorts Philippines confirmed that as of today, the company is delisted from the country’s stock exchange.
Philippines.- Melco Resorts Philippines is no longer part of the Philippine Stock Exchange (PSE). The casino operator confirmed that as of today, the company is no longer listed on the stock exchange of the Philippines.
Back in May, the stock exchange warned Melco that it would proceed with taking it out of the list unless a 10% of the stock was floated at the exchange by June 11. Last year, it also suspended the company for failures around ownership.
“The corporation hereby informs the public that per Philippine Stock Exchange (PSE) Memorandum CN No. 2019-0023 dated May 14, 2019, the corporation will be automatically delisted from the official registry of the PSE effective on June 11, 2019, by reason of its public ownership remaining below the minimum threshold prescribed under the PSE Rule on Minimum Public Ownership for a period of more than six months,” the document reads.
Melco gets closer to Japan
Earlier this month, Melco Resorts and Entertainment acquired almost a 20% stake in Crown Resorts. Several brokerages consider that the lead may lead to improved chances to land an integrated resort licence in Japan.
“While Melco will utilise some debt capacity to fund it share purchase, we do not see this as an impediment in Melco’s Japan bid,” said Sanford C. Bernstein Ltd analysts. “In fact, owning an Australian operation may help enhance Melco’s standing in the bid process,” they added.
“With our focus on the Asian premium segments, high quality assets, dedication to world-class entertainment offerings, market-leading social safeguards and compliance culture and our commitment to being an ideal partner to local governments and communities alike, we believe Melco is in a strong position to help Japan realise a vision for an integrated resort development with a unique Japanese touch,” Melco Chairman and CEO Lawrence Ho recently said.