MANILA Dec 10 Melco Crown Entertainment Ltd
is buying a 93 percent stake in the Philippines'
Manchester International Holdings Unlimited Corp, which
will manage Melco's casino project in the Southeast Asian
country, Manchester said on Monday.
Melco, a casino operator run by Australian billionaire James
Packer and the son of Macau gambling tycoon Stanley Ho, has
entered into an agreement with the Philippines' Belle Corp
to develop a casino-hotel-retail complex in Manila's
Belle is partly owned by the Philippines' richest man, Henry
Melco, through its Philippine units, will buy the shares
from two major shareholders of Manchester, which has investments
in pharmaceutical and real estate businesses. Financial details
were not disclosed.
Manchester's class A shares jumped as much as 34 percent,
while its class B shares rose as much as 40 percent following
the announcement. The broader market, which rallied to new peaks
last week, fell 0.5 percent in early trade.
(Reporting by Erik dela Cruz; Editing by Chris Gallagher)