TRAVELLERS International Hotel Group, Inc. (TIHGI), the developer and operator of Resorts World Manila (RWM), is planning to delist from the stock exchange.
In a disclosure to the stock exchange, TIHGI said its board of directors approved the voluntary delisting of the company’s common shares at the main board of the Philippine Stock Exchange.
It also approved the conduct of a tender offer of up to 1.58 million common shares, which are held by shareholders other than Alliance Global Group, Inc. (AGI), 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.
TIHGI is a joint venture of tycoon Andrew L. Tan’s AGI and Genting Hong Kong Limited.
“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,” TIHGI said.
The company said upon completion of the tender offer, at least 95% of its total listed and outstanding common shares should collectively be held by the non-public shareholders.
TIHGI requested the stock exchange for a voluntary trading suspension of all its listed shares in order to protect the investing public — particularly shareholders in different time zones — and to allow market participants to “process and appreciate” its disclosure.
For the first semester of 2019, TIHGI saw its attributable net income halved to P844.71 million, even as gross revenues surged 50% to P16.57 billion due to the increase in gaming capacity at the RWM complex. — VVS