Travellers International Hotel Group has postponed indefinitely a planned US$854 million initial public offering to help fund its Resorts World casino at Manila’s new Entertainment City district.
The company confirmed the news in a filing with the Philippines Stock Exchange, saying it was waiting for “more favorable market conditions”.
Travellers, a joint venture between Singapore-listed Genting Hong Kong and Philippine property giant Alliance Global is one of four licensed developers at Entertainment City. The company has broken ground on 77 acres at the complex, where it plans to open its $1.1 billion Resorts World Bayshore by 2016.
The company also operates the popular Resorts World Manila casino and hotel complex adjoining the city’s international airport.
Travellers announced its intention in May to sell 1.49 billion shares at a maximum price of 23.38 pesos per share, putting the total deal at 34.8 billion pesos. The offering had been expected to go off within three months.
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