Melco Crown Entertainment Ltd, the smallest of the casino operators in Macau, is considering listing in Hong Kong by way of introduction, instead of selling stock, because of current market conditions, IFR reported on Friday, citing three sources with direct knowledge of the plans.
The company, a joint venture between Hong Kong-listed Melco International Development Ltd and Australia's Crown Ltd, had planned to raise between $400 to $600 million with a share sale in Hong Kong, said IFR, a Thomson Reuters publication. The sources couldn't discuss the matter publicly. Melco Crown didn't return Reuters' requests for comment on the Hong Kong listing plan.
Unlike typical initial public offerings (IPOs), companies listing stock by introduction raise no capital and issue no new shares, which limits their appeal to investors. Melco Crown, a casino venture owned by Australian billionaire James Packer and Hong Kong businessman Lawrence Ho, is following on the heels of handbag maker Lee & Man Handbags and Singapore-based shipping company Courage Marine Group Ltd that listed without raising funds.
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