Travellers International Hotel Group, Inc, the joint venture between Genting Hong Kong and Alliance Global Group that operates Resorts World Manila, has announced plans to delist from the Philippine Stock Exchange (PSE) and take the company private.
Under the plan, Travellers will conduct a tender offer for up to 1,582,867,900 shares currently not held by either its parents or subsidiaries, with privatization set to proceed pending the acquisition of at least 17,331,462 of those shares.
Once complete, a minimum of 90% of the total listed and outstanding shares in Travellers will be held by non-public shareholders.
Explaining the reasons for the delisting, Travellers said it will “allow the company to timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”
The privatization of Travellers comes almost two months to the day since Melco Resorts and Entertainment (Philippines), operator of City of Dreams Manila, was also delisted from the PSE after falling below the minimum required threshold for public ownership. Melco had previously completed the crossing over of shares from a tender offer aimed at increasing the shareholding of MCO (Philippines) Investments Limited.