The management of Melco Crown Entertainment Limited on Thursday 7, August 2014 announced that the company was willing and ready to repurchase up to $500 million of their trading value until the expiring of their current share repurchase order granted the Board of Director at the last annual general meeting held on May 21, 2014 upon conclusion of the next meeting of the company in 2015 or the revocation or variation of such, authorized by the shareholders of the company in general meeting.
Under this program, the company which was jointly formed by Melco International Limited and Crown Resort Limited is expected to repurchase from time to time shares of it’s outstanding common stock in the open market. According to the statement on the website of the company, the management team would be responsible to determine the timing and the amount of share repurchase based upon the evaluation of the market condition and some other factors. The repurchase program was been strictly administered according to the applicable law of the United State, Hong Kong and Cayman Island, the three countries where the company has an interest.
The co-chairman of the company Mr Lawrence Ho in his address stated that: ”The approval of the company stock repurchase show the level of faith the Board and Management team have in the long term strategy and the goal prospect, as well as commitment to the strategically investing in development opportunity and returning capital investors”. He then finished his words by saying: “The board and management believed the repurchase program to be in the interest of the company and the entire shareholders”.