MCE (Philippines) Investments Limited signed a subscription agreement for 693,500,000 common shares in Melco Crown (Philippines) Resorts at a subscription price of P3.90 ($0.08) per share.
The subscription price in the aggregate amount of P2.7 billion will be paid in cash.
The proceeds will be used for Melco Crown Philippines’ additional investment in its subsidiary, MCE Leisure (Philippines) Corporation.
“MCE (Philippines) Investments Limited, as a major shareholder of the Company, shows its continuous support to the Company and its subsidiaries through the subscription. In addition, the subscription allows the Company to raise capital in a most expeditious and efficient manner with the least cost.”
Melco Crown Philippines will apply for the listing of the subscription shares after obtaining the shareholders’ approval.