Philippine unit of Melco Crown plans share issue

Shareholders have approved the sale of up to 1.2 billion shares and sources say the issue could raise about $175 million.
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Melco Crown is putting its bets on the Philippines as a growth market for gaming (AFP) </div>
<div style="text-align: left;"> Melco Crown is putting its bets on the Philippines as a growth market for gaming (AFP) </div>

Manchester International Holdings, a Manila-listed holding company that is in the process of being taken over by Macau casino operator Melco Crown Entertainment, said yesterday that it plans to issue up to 1.2 billion new shares.

Melco Crown has earlier said that it intends to manage and operate its Philippine businesses through Manchester, including the $1 billion casino, hotel and entertainment project that it is developing together with three Philippine partners. Hence, it can be expected that the share issue, which will consist of a base deal of 1 billion shares and an overallotment option of 200 million shares, will help to pay for Melco Crown’s $600 million share of...

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