CITY of Dreams operator Melco Resorts and Entertainment Philippines Corp. (MRP) is planning to delist from the Philippine Stock Exchange (PSE) and is preparing to buy back shares held by the public.

Melco Resorts told the bourse on Monday that its board had approved the voluntary delisting of its common shares. It added that majority shareholder MCO (Philippines) Investments Ltd. intended to conduct a tender offer for a little over 1.5 million MRP shares, representing 27.23 percent its outstanding capital stock, at P7.25 apiece.