Melco International receives $1.2 billion commitment from ICBC

By Wendy Van Sickle

Columbus, Ohio, Dec. 14 – Melco International Development Ltd. received a $1.2 billion financing commitment from Industrial and Commercial Bank of China Ltd. to purchases 198 million ordinary shares of Melco Crown Entertainment Ltd., according to a press release.

The planned purchase represents about 13.4% of the outstanding shares of Melco Crown Entertainment.

The financing commitment was made jointly by ICBC’s Macau and Hong Kong branches, according to the news release.

Closing of the acquisition is conditional upon customary closing and other conditions, including the receipt of Macau regulatory approval, and is expected to occur in the first quarter of 2017.

Upon closing, Melco International’s ownership in Melco Crown Entertainment will increase from about 37.9% to 51.3%.

Melco International engages in leisure, gambling and entertainment, technology and property businesses in Hong Kong, Macau and the Philippines. Melco Crown Entertainment is an owner and developer of casino gaming and entertainment resort facilities. Both are based in Hong Kong.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.