• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Travellers offering up to US$165.7mln to go private

Aug 15, 2019 Newsdesk Latest News, Philippines, Top of the deck  


Travellers offering up to US$165.7mln to go private

Philippine casino operator Travellers International Hotel Group Inc says it is offering public stockholders PHP5.50 (about US$0.11) a share to take the company private.

Travellers International told the Philippine Stock Exchange (PSE) in writing on Thursday that the offer depended on it being accepted by the holders of just over 838.21 million shares, and on the non-public shareholders ending up with at least 95 percent of the stock of the company in their hands.

The company intends to voluntarily delist its common shares from the main board of the PSE on October 15.

It is making a conditional tender offer for over 1.58 billion shares in the company which are held by stockholders other than the non-public shareholders, which at the proposed price per share amounts to PHP8.71 billion (US$165.7 million).

The non-public shareholders are 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 PSE announced on Thursday that it had granted a request by Travellers International to extend the voluntary suspension of trading in its shares, which began on Wednesday. Trading in the stock is now due to resume on Friday.

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 runs the Resorts World Manila casino resort for a partnership of 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 in the second quarter of 2019, or 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.

Travellers International is the second casino firm in the Philippines to delist from the PSE this year. Melco Resorts and Entertainment (Philippines) Corp, which runs the City of Dreams Manila casino resort, delisted in June. Asian casino operator Melco Resorts and Entertainment Ltd is the ultimate parent of Melco Resorts Philippines.

In September last year, Melco Resorts had explained that Melco Resorts Philippines’ listing on the PSE was not contributing to the group’s ability to raise funds in that market.


  • tweet
Related articles
  • Gaming recovery helps Melco Resorts EBITDA break even 4Q
    Gaming recovery helps Melco Resorts...

    Feb 26, 2021  

  • Int Ent half-year loss up, mulls financing for Manila IR
    Int Ent half-year loss up, mulls...

    Feb 25, 2021  

More news
  • GKL ups sales loss tally as Seoul venues stay shut to Mar 15
    GKL ups sales loss tally as Seoul...

    Mar 01, 2021  

  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  


Latest News

GKL ups sales loss tally as Seoul venues stay shut to Mar 15

GKL ups sales loss tally as Seoul venues stay shut to Mar 15

Mar 01, 2021  

Closure of Grand Korea Leisure Co Ltd’s (GKL’s) two foreigner-only casinos in Seoul, capital of South Korea, as a Covid-19 countermeasure, is to continue until 9am on March 15, the firm said in a...
Read More
Aristocrat to launch EGM-based responsible gaming features

Aristocrat to launch EGM-based responsible gaming features

Feb 26, 2021  

Suncity to open clubs at Londoner Macao, Lisboa Palace

Suncity to open clubs at Londoner Macao, Lisboa Palace

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$53.4 million

Adjusted EBITDA reported by Asian casino operator Melco Resorts and Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Galaxy Macau Phase 3 MICE to launch in stages says execGalaxy Macau Phase 3 MICE to launch in stages says exec February 24, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us