Melco Crown awaits approval on Manila listed firm, back door buy into Manila Bay
Melco Crown awaits approval on Manila-listed firm
Nasdaq- and Hong Kong-listed Melco Crown Entertainment Ltd is waiting for approval from the Philippines’ Securities and Exchange Commission on a block purchase of shares in a Manila listed firm.
According to a filing with the Philippine Stock Exchange, Melco Crown will pay PHP1.26 billion (MOP245.6 million) for a 93.1 percent stake in the Philippines-listed entity, Manchester International Holdings Unlimited Corp, our sister publication Business Daily reports today.
The deal will allow Melco Crown to use Manchester International as a vehicle for its planned investment in Belle Grande Manila Bay.
Belle Corp and Melco Crown signed a deal in October to develop and operate a casino resort complex in Manila. Posted: 12/18/2012 1:55:58 PM