Philippine casino operator goes private

The board of Philippine casino company Travellers International Hotel Group Inc has decided to take the company private.

Philippines.- Travellers International Hotel Group Inc, the Philippine casino company which operates Resorts World Manila, decided to go private. The board informed the Philippine Stock Exchange of its decision in a writing. 

It has agreed to voluntary delist its common shares from the main board of the exchange next October 15, 2019.

The Philippine casino operator advanced it would make a conditional tender offer for about 1.58 billion or more shares. Those involve stock held by others than Alliance Global Group Inc, Megaworld Corp, First Centro Inc, Adams Properties Inc, Star Cruises Philippines Holdings BV, Asian Travellers Ltd, Premium Travellers Ltd and the directors of the company.

At least 90% of such shares will go to non-public shareholders, as a primary condition detailed in the filing.

“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,” Travellers International told the exchange.

The Philippine casino company will launch the tender offer around next August 19. Between now and then, Travellers will file the tender offer report with the relevant authorities.