The tender offer for shares in Melco Resorts and Entertainment Limited will raise MCO (Philippines) Investments Limited’s stake in the company to 96.1%.

This will put ownership of Melco Philippines below the 10% minimum public ownership (MPO) requirement under Philippine Stock Exchange (PSE) rules.

In Melco Philippines’ filing on the matter, it did not specify its plans once transactions from the tender offer are finalized, involving 1,338,477,668 out of 1,569,786,768 publicly-held shares transferred to MCO. However, all this appears to be according to the company’s plans to no longer be publicly traded in the Philippines, where it operates City of Dreams Manila.

“[Melco Philippines] will issue another disclosure when its public float falls below the MPO Requirement after the Tendered Shares are crossed at the PSE” on December 10, the company said.