MCO (Philippines) Investments, a wholly-owned subsidiary of Melco Resorts, confirmed on Friday its intention to acquire the remaining listed shares of its subsidiary, Melco Resorts and Entertainment (Philippines) Corp.
MRP first announced plans to delist from the exchange on Monday last week, noting the reason being PSE’s limited ability to fundraise in recent years.
MCO currently owns 72.77 percent of outstanding MRP shares, and on Friday said it will aim to acquire all outstanding shares for a consideration of up to P11.4 billion (US$25.9 million) at a price of P7.25 per share.
MCO said the voluntary delisting of MRP will allow it to consolidate its interests in MRP and to better support MRP’s future business plans.
For the financial year ended December 31, 2017, MRP’s audited consolidated net profit after taxation was approximately P353.9 million, up from a consolidated loss after taxation of P1.6 billion.