Melco to Raise HKD 781M via Rights Issue to Cut Debt
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Key Points at a Glance
Melco International Development Ltd plans to raise capital through a rights issue. The company aims to raise approximately HKD 781 million (around USD 100.7 million). The goal is to strengthen the balance sheet and reduce existing debt. Shareholders will have the opportunity to purchase new shares at a set price, thereby maintaining their ownership stake.
Details of the Capital Increase
Melco International, led by entrepreneur Lawrence Ho Yau Lung, will issue up to 759,350,377 new shares. Existing shareholders can subscribe for one new share for every two shares they currently hold, at a price of HKD 1.0286 per share.
The company emphasizes that this measure is necessary to improve its capital structure and secure long-term growth. The proceeds will primarily be used to repay an existing credit facility and related interest.
Why Melco Chose a Rights Issue
Melco International considered various options for raising capital. The decision to proceed with a rights issue was made because it offers all existing shareholders a fair opportunity to maintain or increase their ownership.
Those who choose not to participate can sell their rights on the market, thereby generating liquidity. This flexibility makes the measure attractive to many investors.
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Melco International’s Financial Position
At the end of 2024, Melco International held assets worth approximately HKD 84.75 billion. At the same time, interest-bearing liabilities amounted to about HKD 60.69 billion.
The company’s gearing ratio rose to 71.6 percent. By comparison, it stood at 42.4 percent in mid-2019. This significant increase highlights the need for action to ease the balance sheet burden.
Our Assessment
Melco International’s decision to raise fresh capital through a rights issue is understandable. The high level of debt poses a long-term risk to financial stability. Through this measure, existing loans can be reduced and the equity base strengthened.
For shareholders, this presents an opportunity to secure their holdings or benefit from a potential upswing. At the same time, they retain the option to sell their rights if they choose not to invest. Overall, this is a sensible step towards setting the course for a more stable future.
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