• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Alliance Global CEO Tan sells most of his common stock

Jul 11, 2014 Newsdesk Latest News, Philippines, Top of the deck  


Alliance Global CEO Tan sells most of his common stock

Andrew Tan, chairman and chief executive Alliance Global Group Inc, has sold 278 million shares of the company’s common stock that he owned, valued at PHP28.30 each (US$0.65) according to a filing on Friday with the Philippine Stock Exchange.

The firm, one of the Philippines’ biggest conglomerates, is a 50:50 joint venture partner with Genting Hong Kong Ltd in the Resorts World Manila casino resort (pictured) next door to Manila International Airport.

The total value of the share sale deal was equivalent to US$180.6 million. Mr Tan retains a direct interest in 63,684,350 pieces of Alliance Global common stock according to the filing.

The firm said in a filing that the transaction “was conducted in response to a reverse enquiry from one of the largest asset managers globally”. UBS AG acted as sole placement agent for the transaction. Typically a reverse inquiry involves an investor approaching a bank or other financial institution looking for a security of a particular type and of a particular underlying asset.

The sale price of PHP28.30 per share represented a five-percent discount to the stock’s closing price of PHP29.80 Thursday. Alliance Global’s shares  declined 3.7 percent on Friday to PHP28.70 each.

In late June Alliance Global announced it was reshuffling its casino holdings. It moved PHP10.43-billion worth of shares in Travellers International Hotel Group – the vehicle for its JV stake in Resorts World Manila – from Alliance Global unit Megaworld Corp to the parent firm.

On July 2, Genting Hong Kong announced to the Hong Kong bourse that its president David Chua Ming Huat had tendered his resignation and that his boss, Lim Kok Thay, the chairman of Genting Hong Kong’s parent, Malaysia’s Genting Bhd, had taken over as acting president with immediate effect.

Last year Travellers International postponed a share sale designed to raise money for a second casino resort in Manila, the US$1.1 billion Resorts World Bayshore project. In July 2013 the JV said it was instead allocating US$600 million to expand Resorts World Manila.


  • tweet
Related articles
  • MSW sportsbook back and bigger at Resorts World Manila
    MSW sportsbook back and bigger at...

    Jun 23, 2022  

  • Local partner for Resorts World Manila injects US$75mln
    Local partner for Resorts World Manila...

    Jun 16, 2022  

More news
  • IGT completes US$165mln acquisition of iSoftBet
    IGT completes US$165mln acquisition...

    Jul 05, 2022  

  • Macau publishes amendment to public tender regulation
    Macau publishes amendment to public...

    Jul 05, 2022  


Latest News

IGT completes US$165mln acquisition of iSoftBet

IGT completes US$165mln acquisition of iSoftBet

Jul 05, 2022  

Casino equipment maker and digital gaming content provider International Game Technology Plc (IGT) says it has completed a process to acquire iSoftBet for approximately EUR160 million (US$164.6...
Read More
Macau publishes amendment to public tender regulation

Macau publishes amendment to public tender regulation

Jul 05, 2022  

Macau’s Grand Lisboa cordoned amid 13-case Covid cluster

Macau’s Grand Lisboa cordoned amid 13-case Covid...

Jul 05, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”I thought they were wise to recommend five locations across the kingdom [for casino resorts] rather than one or two locations in Bangkok”

Andrew Klebanow

Principal at industry consultancy C3 Gaming Group



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
  • Macau due 3 new rounds of Covid tests, more than 850 casesMacau due 3 new rounds of Covid tests, more than 850… July 4, 2022
  • Public backing vital for a Thailand casino biz: expertsPublic backing vital for a Thailand casino biz: experts July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us