Source: www.ggrasia.com --- Thursday, December 15, 2016
Crown Resorts Ltd is further reducing its stake in Asian casino developer Melco Crown Entertainment Ltd, the Australia-based casino operator said on Friday. The announcement came just one day after the firm stated it was selling 13.4 percent of Melco Crown’s outstanding shares to joint venture partner Melco International Development Ltd, a Hong Kong-listed firm headed by Lawrence Ho Yau Lung. Following the operation, Melco International will own 51.3 percent of Melco Crown. Melco Crown operates casino resorts in Macau and in the Philippines. Crown Resorts – controlled by James Packer (pictured) – said in a Friday filing to the Australian Securities Exchange it would further reduce its stake in Melco Crown to 11.2 percent, with 5.5 percent held through a cash-settled equity swap. Combined with the planned sale of 13.4 percent of Melco Crown announced on Thursday, Crown Resorts said it would receive total proceeds of AUD1.9 billion (US$1.4 billion). In Friday’s announcement, Crown Resorts stated it had entered into an underwriting agreement to sell 40.9 million shares in Melco Crown – around 2.8 percent of the latter’s outstanding stock – to institutional investors for US$5.33 per share. Deutsche Bank Securities, UBS Investment Bank and Morgan Stanley were arranging the deal, which is expected to be completed by December 20. The Australian firm said as a result of the extra sale of Melco Crown shares, it would boost the size of a p ...
from Australia http://ift.tt/2h6EM0N
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