Oct 16, 2019 Newsdesk Latest News, Philippines, Top of the deck
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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”We are seriously considering the privatisation of all Pagcor-operated casinos”
Chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor)