Melco International Development (0200) announced that Melco Resorts under the group has sold around 9.99 percent, or 67.68 million shares of Australian Crown Resorts at a total of 552 million Australian dollars (HK$2.76 billion), or A$8.15 apiece. The transaction price was a 2.37 percent discount to the average closing price on the Australian Securities Exchange of A$8.348 per Crown Resorts share for five trading days before the announcement, said the group. The group said the disposal is an opportunity to realize its investment in Crown Resorts at a market price and to re-allocate its resources to facilitate its core operations, including those in Macau, the Philippines, and Cyprus, and to strengthen the balance sheet of Melco Resorts during the coronavirus pandemic. The disposal proceeds will be used for general working capital of the group, it said. Shares of the group slid 1.23 percent to HK$14.50 as of 2:11 pm.

Source: The Standard April 29, 2020 07:07 UTC