Melco PH unit doubles capital stock

Melco Resorts and Entertainment (Philippines) Corp, operator of City of Dreams Manila, is doubling its authorized capital stock, according to a filing from the operator to the Philippine Stock Exchange.

Approval for the capital stock hike to P11.9 billion (US$236.2 million) from P5.9 billion was approved in the latest Stockholders Meeting.

Melco said the increased capitalization will “enable the corporation to tap into any potential funding raising opportunities, in the form of equity offering with a view to using the proceeds of such fund raising to repay outstanding indebtedness, fund growth and expansion, for general corporate purposes.”

The company also announced it was given the greenlight to launch an equity offering and list the subscribed shares in the Philippine Stock Exchange.