The Macau Metro Monitor, April 24, 2013
MELCO CROWN'S PHILIPPINE UNIT SETS SHARE OFFER PRICE Macau Business
Melco Crown (Philippines) Resorts Corp, the Philippine unit of MPEL, set an offer price of Ps14 (MOP2.71) per share for its top-up placement, according to several media outlets. This means the company will raise more than US$370 million (MOP2.96 billion) from the follow-on share sale. Melco Crown (Philippines) Resorts is selling a total of 1.10 billion shares, including the overallotment option, said UBS, which is managing the offer with Citigroup.
According to one banker quoted by FinanceAsia.com, the deal attracted strong demand, including from international investors. The proceeds of the share sale will go towards the cost of furnishing and operating the Belle Grande Manila Bay resort, a US$1-billion gaming complex MPEL is developing in the Philippines in partnership with Philippine-based Belle Corp. The resort is set to open in mid-2014.