Hann Holdings postpones IPO
The company’s US$203m initial public offering had been planned for September.
The Philippines.- Hann Holdings, the company which runs the Hann Resorts at Clark Freeport Zone and is developing the Hann Reserve property at New Clark City, has announced the postponement of its initial public offering (IPO) due to market conditions and global uncertainties.
In July, the company secured the approval from the Philippine Securities and Exchange Commission (SEC). The IPO on the Philippine Stock Exchange was expected on September 23 after an offer period running from September 9 to 15. According to Bloomberg, Hann remains committed to pursuing an IPO at a later date when conditions become more favourable.
The company also intends to diversify into online gaming, but this initiative remains on hold until regulatory guidelines are clarified.
Hann Resorts operates 147 gaming tables, 868 slot machines, two VIP clubs and two five-star hotels in a former US military air base in Pampanga province. Last July, the company signed a franchise agreement with IHG Hotels & Resorts (IHG) to add an InterContinental hotel. Construction of the 250-room hotel will begin in 2027 for a 2031 opening. Facilities are to include two restaurants and two bars, meeting spaces for 600 people, a Club InterContinental Lounge, spa, pool and a retail outlet.
