Melco Crown Entertainment Ltd filed an application for voluntary withdrawal from the Hong Kong Stock Exchange (HKex) on January 2. The Macau-based company announced Tuesday that more than 95% of its shareholders approved of the plan. To delist, approval from the stock exchange is required. If approved, it will stop trading at the end of June and exit at the close of business on July 3.
The January 3 announcement showed that trading volume on the exchange was low, with the stock down more than 30% in 2014, and it first listed on HKEX in 2011.
Stock prices were much better on the U.S. Nasdaq, where transactions averaged nearly $100 million a day in 2014. The company will still be listed on NASDAQ.
Melco Crown Entertainment Ltd has a market capitalization of nearly $14 billion. The company is a joint venture between Hong Kong businessmen Lawrence Ho and James Packer. Melco Crown owns City of Dreams Macao.