PSE kicks out Melco Resorts

MANILA, Philippines – Melco Resorts and Entertainment is set to be delisted from the Philippine Stock Exchange (PSE) on Tuesday, June 11, after failing to reach the minimum threshold on public ownership for over 6 months.

Melco operates the City of Dreams Manila casino in Parañaque City.

Melco was required to have a public float of 10%. Its level as of Monday, June 10, was just a little over 2%.

The PSE suspended the trading of Melco's shares in December 2018.

Melco planned to be off the stock exchange through a tender offer which was completed late last year.

But it withdrew its petition for voluntary delisting after some stockholders opposed the move.

The casino firm reported a net income of P2.7 billion in 2018 and a gross revenue of P32.4 billion.

In the 1st quarter of 2019, it reported losses of over P16.2 billion and total liabilities of P25.7 billion. –

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.