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BRIEF-Crown Resorts says co reduces shareholding in Melco Crown Entertainment

Published 04/05/2016, 07:11 pm
© Reuters.  BRIEF-Crown Resorts says co reduces shareholding in Melco Crown Entertainment
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May 4 (Reuters) - Crown Resorts Ltd CWN.AX :

* Crown reduces shareholding in Melco Crown Entertainment CWN.AX

* Says unit entered into an agreement with Melco Crown Entertainment Limited

* Says the repurchase will be undertaken at US$5.1667 per mce share

* Agreement for the repurchase of 155 million ordinary mce shares held by crown

* Repurchase will generate proceeds of approximately US$800 million

* Says proceeds will be initially used to reduce crown's net debt position

* Source text for Eikon ID:nASXzZSrf

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