melco-taps-market-for-157-million-after-threeweek-placement-drought

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 been left rather unscathed by the broader market downturn, however, and the latest rally brought its total share price gains this year to 119%. The most recent gains came after the company said it is...
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