Manchester renamed Melco PHL

by Miguel R. Camus, BusinessMirror

Posted at Dec 21 2012 08:42 AM | Updated as of Dec 21 2012 04:42 PM

MANILA, Philippines - Manchester International Holdings Unlimited Corp. will be renamed Melco Crown (Philippines) Resorts Corp., while its board of directors and management underwent a revamp in line with its takeover by Macau-based gaming firm Melco Crown Entertainment Ltd.

A Philippine Stock Exchange (PSE) filing on Thursday showed that Manchester will also hold a special stockholders’ meeting on February 19 for shareholders to approve various corporate changes as a result of the takeover.

Melco Crown Entertainment, through units MCE (Philippines) Investments Ltd. and MCE (Philippines), Investments No. 2 Corp., earlier signed a binding agreement to buy up to 93.06 percent of Manchester, according to filings in the Philippines and Hong Kong.

Melco Crown said on its December 7 disclosure that it will pay a total cash amount of P1.259 billion. This involves P200 million to the selling shareholders of Manchester and P1.059 billion “in settlement of the liabilities of the selling shareholders.”

The deal excludes investments of Manchester in units Interphil Laboratories Inc. and Lancashire Realty Holding Corp., which will be transferred to Manchester’s controlling shareholder before the deal closes, the PSE filing showed.

Melco Crown (Philippines) Resorts will be the local vehicle for Melco Crown Entertainment to operate a casino joint venture in Entertainment City Manila together with Belle Corp.