Travellers sets tender offer at P5.50 per share

Font Size

TRAVELLERS International Hotel Group, Inc. (TIHGI) has priced the tender offer for its voluntary delisting process at P5.50 per share, less than half the offer price when it debuted at the stock market about six years ago.

In a disclosure on Thursday, the owner and operator of Resorts World Manila said the tender offer will consist of up to 1.58 billion common shares held by the public.

The tender offer price is lower than the price of P11.28 per share during TIHGI’s initial public offering back in 2013. TIHGI’s last closing price was at P5.43 on Tuesday.

TIHGI looks to buy from the public at least 838.21 million common shares during the tender offer, or about P4.8 billion worth of shares.

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

Non-public shareholders include 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

The company on Wednesday announced it plans to voluntarily delist from the main board of the Philippine Stock Exchange, Inc. (PSE), citing how shifting into a private entity will improve its business strategies against competition.

Trading of the company’s shares have been suspended since Wednesday to allow investors to digest the material information. It will resume trading on Friday, Aug. 16. — Arra B. Francia