Melco taps market for $157 million after three-week placement drought

Share sale follows news on casino JV spin-off and land acquisition which has helped boost the share price by 22% in four days.

Melco International Development on Tuesday May 30 raised HK$1.21 billion $157 million from the sale of new shares after its share price soared 22% over four days.

It was the first share placement over $100 million by a Hong Kong-listed company since Sun Hung Kai Properties raised $1.01 billion on May 9. Given that the overall market has fallen 8.3% since then, it was perhaps fitting that it was a gaming stock that ended the issuance drought.

Melco has...

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