Alliance Global Group Inc, one of the Philippines’ biggest conglomerates, has reshuffled its casino shareholdings.
It has moved 10.43 billion pesos (US$238.1 million) worth of shares in Travellers International Hotel Group from Alliance Global unit Megaworld Corp to the parent firm.
“The sale of Megaworld’s shares in Travellers will enable Megaworld to focus on the real estate business while allowing AGI to benefit from the projected growth of Travellers through the expansion of its hotel, retail and gaming facilities,” said Megaworld in a statement on Monday to the Philippines Stock Exchange.
The nearly 1.13 billion shares were valued at 9.27 pesos per share.
Travellers International is a 50:50 joint venture partner with Genting Hong Kong Ltd in the Resorts World Manila casino resort next door to Manila International Airport.
