Melco International Development Limited, the Hong Kong-listed parent of Macau concessionaire Melco Resorts & Entertainment, has announced plans to raise HK$781.07 million ($100.7 million) through a rights issue, with proceeds primarily targeted at debt reduction by repaying portions of its 2021 Credit Facility.
The company will offer shareholders the opportunity to subscribe for new shares at HK$1.0286 ($0.13) per Rights Share, structured as one Rights Share for every two existing Shares held on the Record Date.
The total offering depends on the number of issued Shares before the Record Date, with two potential scenarios: either up to 758,341,877 Rights Shares yielding approximately HK$780.03 million ($100.6 million), or up to 759,350,377 Rights Shares generating approximately HK$781.07 million ($100.7 million) if outstanding Share Options are exercised.
This non-underwritten Rights Issue requires no minimum subscription level. To participate, qualifying shareholders must register share transfers with Tricor Investor Services Limited in Hong Kong by 4:30 p.m. on Monday, May 19th, 2025.
Net proceeds after expenses are estimated at approximately HK$771.23 million to HK$772.27 million, depending on whether new Shares are issued before the Record Date.
According to the announcement, a committed shareholder holding about 61.44 percent of the company’s issued Shares has irrevocably undertaken to subscribe for at least 413,000,000 Rights Shares and agreed not to dispose of current holdings until the Rights Issue concludes.
The company has confirmed compliance with Hong Kong Stock Exchange Listing Rules, with no shareholder approval required as the offering will not increase issued shares or market capitalization by over 50 percent.
The register of members will close from May 20th-23rd, 2025, for determining entitlements, with prospectus documents to be dispatched on May 26th, 2025.
