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Melco’s Studio City shares rise on NYSE Debut

Casino Owner Studio City International holdings limited saw much interested in investors investing in the stock’s first day trading at the New York Stock Exchange.

The Studio City Stock, with ‘MSC’ saw a upward moment, going as high as $18.49 a share before closing at $15.50, a 24% increase trading volume was about 1.6 million shares.

A filing done at the Hong Kong stock exchange by parent company Melco International Development limited, a total number of 28.75 millions ADSs was issued, making for $359.4 million raised from IPO.

According to Melco International, MCE had agreed to purchase 15,330,000 ADSs while affiliates of New Cotai, which had held the remaining Studio City Shares.

Studio City reported on after tax net loss $76.4 million, still smaller than its $242.8 million Loss the year.

Melco international’s subsidiary Melco Resorts and Entertainment announced that the beginning of the tender offer for its share was to be delayed after having been reset to October 22. A tender offer price about $0.13 has been planned.

MCO Investments limited, which currently holds 73% of Melco Philippines shares.

 

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Caleb Jose

Caleb Jose

Caleb is based out of Kansas City and he is responsible for overseeing day-today processes of Casino Buzz. He takes care of the backend technology, along with being the main data collector and reporter for Casino Buzz. He can be reached out at cj@casino.buzz

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