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”.
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"I think for our property [Grand Lisboa Palace], looking at breaking-even and stabilisation, will take… 12 months or so, or less”
Daisy Ho Chiu Fung
Chairman of Macau casino operator SJM Holdings