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