Melco to repurchase $500 mln in shares over next three years

Melco Resorts has confirmed the launch of a share repurchase program, which will allow it to purchase up to US$500 million of Melco Resorts shares / ADSs over the next three years.

The company first announced its intention to repurchase shares on its November 8 results announcement covering the third quarter of 2018.

Under the listing rules, the potential US$500 million share purchase is considered a major transaction for the company when combined with share purchases over the last 12 months.

Melco said it has already received written approval from a group of shareholders which collectively holds more than 50 percent of issued shares in the company.

The company said the share repurchase program reflects the confidence in Melco’s long-term strategy and growth prospects, and also benefits the trading of Melco Resorts’ securities under current market conditions.