- Published on Tuesday, 19 February 2013 23:00
By A Web design Company
Manchester International Holdings Unlimited Corp. is set to change its name to Melco Crown (Philippines) Resorts Corp., as part of the process to accommodate the backdoor-listing of Macau casino operator Melco Crown Entertainment Limited (MCE) in the market.
Manchester is also looking to raise funds by issuing 1 billion shares and an over-allotment of up to 20 percent of the total offer shares, the terms and conditions of which are yet to be finalized.
The company’s shareholders yesterday approved the increase in Manchester’s authorized capital to P5.9 billion at a P1 par value, from P900 million at a P1 par value, while erasing the distinction between shares held by both foreigners and locals.
MCE (Philippines) Investments Limited, the local casino vehicle of Melco, will initially subscribe to a maximum of 2.85 billion shares out of the increase in the authorized capital stock of the corporation at the subscription price per share equivalent to the par value of the subscribed shares of P1, Manchester said.
“The proceeds of the subscription to the new shares will be used to pay for the acquisition of assets, including but not limited to the purchase from MCE (Philippines) of all of the outstanding shares in MCE Holdings (Philippines) Corp.,” Manchester said.
MCE (Philippines) has announced a tender for the remaining 6.94 percent of Manchester at P3.1491 per Class A share and P3.5498 per Class B share after the entry in the latter.
In October, Belle and its wholly owned unit Premium Leisure and Amusement Inc (PLAI) signed an agreement with Hong Kong-listed MCE, led by Australian James Packer and a son of Macau gaming mogul Stanley Ho, for the purchase of the latter’s holding in the former Belle Grande Manila Bay casino complex at the multi-billion dollar Pagcor City in Pasay City.