Temasek reveals Melco stake


Singapore state investment company Temasek Holdings disclosed that it has built up a stake of 222.24 million shares, or 5.02 percent, in Melco Crown (Philippines) Resorts Corp., the local unit of Macau casino operator Melco Crown Entertainment Ltd. Melco Philippines is developing the $1 billion Belle Grande Manila Bay casino hotel in a joint venture with Belle Corp. Temasek’s stake is worth 2.2 billion pesos ($53 million). Melco unsuccessfully competed for one of the two casino licenses Singapore awarded in 2006.