By James A. Loyola
Travellers International Hotel Group, Inc., the tourism and gaming joint venture between tycoon Andrew Tan and the Genting Group, is planning to voluntarily delist from the Philippines Stock Exchange by October 15, 2019.
“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 firm said in a disclosure.
To comply with the Securities Regulation Code and the delisting rules of the PSE, Travellers said it will conduct a tender offer for up to 1.58 billion common shares held collectively by all minority shareholders.
This does not include the shares owned by Alliance Global Group, Inc., Megaworld Corporation, First Centro, Inc., Adams Properties, Inc., Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd., Premium Travellers, Ltd., and the members of the Board of Directors.
Travellers said its obligation to purchase the common shares through the tender offer will hinge on at least 17.33 billion eligible common shares being validly tendered by the Company’s shareholders.
Upon completion of the tender offer, at least 90 percent of the total listed and outstanding common shares of the company must be collectively be held by its non-public shareholders.
Travellers International Hotel Group, Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), reported a 52 percent drop in unaudited consolidated net income to P599.2 million in the second quarter of the year from P1.24 billion in the same period last year.
The firm said gross revenues surged 44.5 percent to P8.08 billion from P5.59 billion in the second quarter last year.
However, the firm said second quarter net income declined due to higher finance charges and increase in depreciation expense.
The Company is looking to complete its Grand Wing facility in the latter part of this year which will include 2 levels gaming, entertainment, and retail spaces.
It will also include 3 international branded hotels with Hilton Manila and Sheraton Manila already having started operations, while Hotel Okura Manila is slated to be launched in the first quarter of 2020.