The board of Philippine casino operator Travellers International Hotel Group Inc says it has agreed to take the company private.
The company told the Philippine Stock Exchange in writing on Wednesday that its board, meeting the previous day, had approved the voluntary delisting of Travellers International common shares from the main board of the exchange on October 15, 2019.
Travellers International said it would make a conditional tender offer for about 1.58 billion or more shares in the company which are held by stockholders other than Alliance Global Group Inc, Megaworld Corp, First Centro Inc, Adams Properties Inc, Star Cruises Philippines Holdings BV, Asian Travellers Ltd, Premium Travellers Ltd and the directors of the company.
The most notable condition is that at least 95 percent of the common shares must end up in the hands of the non-public shareholders, according to Wednesday’s filing.
The stock exchange granted on Wednesday a request by Travellers International for a voluntary suspension of trading in its shares, beginning that day and ending the day after.
Travellers International told the exchange: “The conversion from a public entity into a private company will allow the company to timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”
The company said it plans to launch the tender offer by August 19. It said it would file the tender offer report with the relevant authorities before that date, containing the terms and conditions of the offer.
Travellers International runs the Resorts World Manila casino resort for a partnership formed by Alliance Global of the Philippines and Genting Hong Kong Ltd, which operates cruise ships with casinos on board.
Travellers International reported on Tuesday that its net profit fell to about PHP600.3 million (US$11.5 million) in its financial second quarter ended June 30, 51.8 percent less than a year earlier.
Second-quarter gross revenue grew by 44.5 percent to PHP8.08 billion, while gross gaming revenue grew by 46.8 percent to PHP6.64 billion.
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Credit rating agency Fitch Ratings