Melco Philippines stocks will be delisted from the country’s stock exchange. The firm’s shares will no longer trade on the Philippines stock exchange from Tuesday onwards.
In its filing on Monday the company announced: “The corporation hereby informs the public that per Philippine Stock Exchange (PSE) Memorandum CN No. 2019-0023 dated May 14, 2019, the corporation will be automatically delisted from the official registry of the PSE effective on June 11, 2019, by reason of its public ownership remaining below the minimum threshold prescribed under the PSE Rule on Minimum Public Ownership for a period of more than six months.”
The stock exchange had already suspended trading of Melco’s stocks as it failed to comply with the minimum public ownership regulation.
Melco owns and operates the City Of Dreams Manila casino and is one of the biggest players in the industry in the region.
Recently, Australian authorities have launched an investigation into the alleged involvement of Melco’s chairman Lawrence Ho with Chinese groups after the company purchased significant shares in Australia’s Crown resorts.
Melco is also applying for a casino license in Japan and is considered to be a strong contender given its financial position. Osaka authorities confirmed that they have already received an application from Melco along with other seven gambling operators from across the globe.