Travellers International completes tender offer

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SHAREHOLDERS of Travellers International Hotel Group, Inc. (TIHGI) have tendered about 1.32 billion common shares, as the company prepares to delist from the stock exchange.

In a disclosure posted Thursday, the owner and operator of Resorts World Manila said a total of 1.321 billion common shares were tendered during the offer period, out of its target to repurchase up to 1.582 billion common shares.

TIHGI’s public float will drop to less than two percent after the shares are crossed on Sept. 30.

The company earlier set a tender offer price of P5.50 per share. This is higher than its close of P5.42 each on Thursday.

The shares will then be held by non-public shareholders, including 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 said voluntarily delisting from the main board of the Philippine Stock Exchange will help it improve its business strategy against competition.

The company is a joint venture of tycoon Andrew L. Tan’s AGI and Genting Hong Kong Ltd.

It is currently expanding the Resorts World Manila complex with the completion of its Grand Wing facility by the latter half of the year. This will include two levels dedicated to gaming, entertainment, and retail spaces.

The expansion further includes Hilton Manila and Sheraton Manila, which have already started operations, as well as Hotel Okura Manila, which will be launched in the first quarter of 2020. This is in addition to its existing hotels Marriott Hotel Manila, Maxims Hotel, and Holiday Inn Express Manila Newport City.

TIHGI booked a net income attributable to the parent of P844.71 million in the first half of 2019, 50% lower than the P1.69 billion it posted in the same period a year ago. This came amid a 50% increase in gross revenues to P16.57 billion. — Arra B. Francia