Melco Resorts and Entertainment Philippines is set to automatically delist from the Philippine Stock exchange today after falling below the minimum threshold of public ownership for more than six months.
Melco Resorts Philippines, operator of City of Dreams Manila, first announced in September last year plans to delist from the stock exchange and announced that its majority shareholder, MCO (Philippines), would acquire the remaining outstanding shares held by the public.
However, the company faced backlash from minority shareholders who claimed the offer was unfair. At the time, Melco said it would proceed with the tender but not the privatization.
After the tender, MCO owned 97.9% of the listed Philippine unit, with only 2% in public hands.
Trading of the stock was then suspended in December 2018 after the public float dropped below minimum requirements as a result of the tender offer. (AGB)