(Adds total Philippine share sales this year, offer details)
MANILA, April 24 Melco Crown (Philippines)
Resorts Corp, a unit of Macau-based Melco Crown
Entertainment, has priced its share sale at the top of
an indicative range to raise $377 million, one of its
underwriters said on Wednesday.
Melco Philippines' offer price of 14 pesos apiece reflects a
discount of more than 10 percent to the stock's closing price of
15.66 pesos apiece on Tuesday.
The issue brings to $2.7 billion the total value of share
sales to the public in just the first four months of the year,
according to Thomson Reuters data. That exceeds the Philippines'
$2.53 billion record sales from IPOs and follow-on deals for all
of 2012 and underscores the emergence of the Southeast Asian
nation as a top investment destination in the region.
The Philippines is Southeast Asia's best performing stock
market this year with gains of more than 20 percent.
Melco Philippines, a unit of Melco Crown Entertainment run
by Australian billionaire James Packer and the son of Macau
gambling tycoon Stanley Ho, is selling a total of around 1.10
billion shares, including over-allotment, UBS said.
UBS managed the offer with Citigroup. UBS
tops equity underwriting in Southeast Asia so far in 2013, and
has led the league tables in the Philippines for a third year in
a row, according to Thomson Reuters data.
Melco Crown Entertainment had signed a deal last month with
Philippine leisure firm Belle Corp, partly owned by the
country's richest man Henry Sy Sr., to develop and operate a $1
billion casino resort set to open in mid-2014 in the
Entertainment City complex along Manila Bay.
That project is Melco's first casino outside its home base
Macau and one of the biggest Chinese investments in the
The share offer was more than six times oversubscribed with
140 investors, nearly half of them coming from Asia. U.S.-based
investors comprised 37 percent and the rest were from Europe.
About 72 percent of the offer was taken up by long-term and
Melco Philippines competes with Bloomberry Resorts Corp
which was the first to operate a casino-resort at
Entertainment City. Bloomberry shares were 3 percent weaker on
Wednesday morning and have lost 11 percent so far this year.
(Reporting by Rosemarie Francisco; additional reporting by
Elzio Barretto in Hong Kong; Editing by Stephen Coates)