Travellers Int’l to delist stocks

MANILA, Philippines — Travellers International Hotel Group Inc. (TIHGI), owner and operator of Resorts World Manila (RWM), will delist from the Philippine Stock Exchange.

TIHGI said the move would allow the company to “timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”

In a meeting Wednesday, TIHGI approved the voluntary delisting of the common shares of RWM from the main board of the Philippine Stock Exchange in accordance with the Securities Regulation Code and the delisting rules of the PSE.

TIHGI would conduct a tender offer for up to 1.6 billion common shares held collectively by all shareholders of the company other than Alliance Global Group Inc., Megaworld Corp., 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 with respect to their qualifying common shares.

Upon completion of the tender offer, at least 95 percent of the total listed and outstanding common shares of the company shall collectively be held by the non-public shareholders.

The tender offer report will be filed with the SEC and the PSE on or before the commencement of the tender offer on Aug. 19.

TIHGI said a minimum of 825. 61 million common shares must be validly tendered.

It went public in 2013, 10 years after it was incorporated on Dec. 17, 2003 primarily to engage in the business of hotels, restaurants, leisure parks, entertainment centers and other related businesses, which include holding investments in and operating casinos and other gaming activities as part of its main operations.

The company is a joint venture partnership between Andrew Tan’s Alliance Global Group Inc. and Genting Hong Kong Ltd.