Travellers International Hotel Group, Inc, the joint venture between Genting Hong Kong and Alliance Global Group that operates Resorts World Manila, has completed a tender offer as part of its recently announced plan to delist from the Philippine Stock Exchange (PSE) and take the company private.
The tender offer, which closed on Monday, saw a total of 1,321,060,505 common shares from up to 1,582,867,900 shares in Travellers that were sought, tendered, leaving 261,807,395 shares not tendered.
Once the shares are crossed on Monday 30 September, the public float will be reduced to less than 2% of issued share capital, the company said.
Travellers has previously explained the reasons for its planned delisting as to “allow the company to timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”
It also comes just a few months after Melco Resorts and Entertainment (Philippines), operator of City of Dreams Manila, was delisted from the PSE after holding its own tender offer that brought it below the minimum required threshold for public ownership.
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