PSE clears delisting of Traveller’s International

MANILA, Philippines — The Philippine Stock Exchange (PSE) has approved the petition for voluntary delisting of Traveller’s International Hotel Group Inc. (TIHGI).

The delisting of the company’s shares will be effective Monday, Oct. 21.

“Subject to the payment of the required voluntary delisting fee, the company’s shares shall no longer be tradable effective Oct. 21, 2019, Monday,” the PSE said.

TIHGI is the joint venture of Andrew Tan and the Genting Group. Last month, it concluded its tender offer for the shares held by minority investors.

TIHGI’s Resorts World Manila tendered a total of 1.3 billion common shares at a price of P5.50 each. 

The company applied for delisting in order to “timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”

TIHGI went public in 2013, 10 years after it was incorporated on Dec. 17, 2003. 

It is the developer and operator of Resorts World Manila that combines privately-opened gaming facilities with hotel, retail, dining, entertainment and other leisure amenities.

The company’s casinos and restaurants in Resorts World Manila started commercial operations on Aug. 28 while the hotel and restaurant operations in Maxims Manila Hotel, Marriott Hotel Manila and Remington Hotel started on various dates in 2009 to 2011.