The shares of Philippine casino operator Travellers International Hotel Group Inc will stop being traded on the Philippine Stock Exchange with effect from October 21.
The news was confirmed in a Monday disclosure by the exchange. It said the board of the bourse had agreed to the voluntary delisting at a meeting on October 9.
Last month the casino firm said a total of just over 1.32 billion common shares was tendered by September 23, the end of a tender-offer period organised by the company.
The operator of the Resorts World Manila casino resort in the Philippines started on August 19 a PHP8.7-billion (US$168-million) offer to public shareholders to take the business private. The company is a venture between Hong Kong-listed cruise ship operator Genting Hong Kong Ltd and Philippine conglomerate Alliance Global Group Inc.
Travellers International had previously told the exchange the conversion from a public entity into a private company would allow the firm to address in a “timely” way, “evolving market demands and rapidly-changing customer needs without compromising its business strategies to competition”.
Apr 02, 2020While Macau’s casino gross gaming revenue (GGR) in March saw an 80 percent contraction year-on-year according to figures released on Wednesday, things might get even worse in April, says note...
Apr 02, 2020
Apr 01, 2020
"Rarely has the difference between the recent past and the immediate future been as stark as it is today"
Lawrence Ho Yau Lung
Chairman and chief executive of casino investor Melco International Development