May 31, 2006 – Melco International Development, controlled by the family of casino tycoon Stanley Ho, is seeking to raise up to HK$1.2 billion through a share placement to fund a land acquisition for a casino in Macau, people familiar with the situation said.
The offering by Melco, whose share price has more than doubled this year, "closed an hour after the opening, fueled up by most larger-scale hedge funds," a fund manager said. It was the largest placement since a stock market correction this month, which has seen the benchmark Hang Seng Index decline about 1,000 points since April. Credit Suisse is the sole bookrunner.
