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Melco to Buy Macau Stake From Chairman

MACAU -- As reported by the Bloomberg News: "Melco International Development Ltd., a Hong Kong-listed company controlled by Macau gambling tycoon Stanley Ho and his son, will buy a one-half stake in a planned hotel and casino from Ho for HK$100 million ($13 million).

"Melco, which operates an investment bank and develops real estate, said it will pay for the purchase with a five-year bond convertible into as many as 25 million Melco shares, equal to a 6.6 percent stake in the company, at HK$4 each. Melco will pay annual interest of 4 percent on the bond.

""By entering into the agreement, the group can participate in the development of the hotel and subsequently manage the electronic gaming machine lounge," Melco said in a statement to the Hong Kong stock exchange..."

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