Manchester Int’l changes name, boosts capital

MANILA, Philippines - Dormant firm Manchester International Holdings Unlimited Corp. will increase its authorized capital to nearly P6 billion in line with the entry of a Macau casino giant.

The amendments in the incorporation papers of Manchester will allow it to become the listed vehicle of Melco Crown Entertainment Ltd.

In a disclosure, Manchester said it will increase its authorized capital stock to P5.9 billion from P900 million. It will also change its name to Melco Crown (Philippines) Resorts Corp.

Hong Kong-based Melco will use Manchester as its vehicle to manage and operate a $1-billion integrated casino project along the coast of Manila Bay. The entertainment complex is in partnership with Belle Corp., a leisure developer and gaming firm controlled by the family of retail tycoon Henry Sy.

Manchester said it will also declassify its Class A and B shares into a single class of common shares.

Class A shares are available only to Filipinos while Class B shares can be bought by foreign and local investors. The shares are usually classified to facilitate the enforcement of the 40 percent ownership cap on foreigners.