Five Mid-Cap stocks with Positive return on Equity – Buy, Sell or Hold
Proceeds from Melco Resorts to reduce the net debt: Recently, Crown Resorts Ltd (ASX: CWN) completed the sale of its remaining assets in Melco Resorts. The group’s wholly owned subsidiary, Crown Asia Investments Pty Ltd, had entered into an agreement with Melco Resorts & Entertainment Limited (NASDAQ: MLCO) for the repurchase of its remaining interest in Melco Resorts. As per the repurchase agreement, Crown Asia Investments Pty Ltd sold 165.3 million Melco Resorts’ ordinary shares (representing 11.2% of Melco Resorts’ ordinary shares outstanding) at US$7.04 per share. Upon completion of the Repurchase Agreement, Crown Resorts no longer holds an interest in Melco Resorts and is not entitled to a seat on the Melco Resorts Board. Post transaction, the CWN is expected to reduce net debt as it is expected to generate net proceeds of ~US$987 million (equivalent to US$5.97 per Melco Resorts ordinary share and US$17.91 per Melco Resorts American Depositary Shares). Crown Resorts’ net debt stood at $1.77 billion (US$1.30 billion) at the end of 2016. In terms of financials, the group reported NPAT growth of 75.15% to $359.14m for the half-year ended 31 December 2016 while revenue from ordinary activities were down 5.87% from last year.
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