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Manila Bulletin devider Business devider Travellers to buy minority shares for P8.7 billion

Travellers to buy minority shares for P8.7 billion

Published Aug 16, 2019 12:00 am
By James A. Loyola Travellers International Hotel Group, Inc., the tourism and gaming joint venture between tycoon Andrew Tan and the Genting Group, has set the tender offer price for its shares at P5.50 each or a maximum offer size of P8.7 billion. In a disclosure to the Philippine Stock Exchange, the firm said it is offering to buy 1.58 billion of its shares held by minority shareholders. The offer is hinged on at least 838.21 million shares worth P4.61 billion being tendered. Travellers is planning to voluntarily delist from the PSE by October 15, 2019. “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,” the firm said in a disclosure. To comply with the Securities Regulation Code and the delisting rules of the PSE, Travellers said it will conduct a tender offer for up to 1.58 billion common shares held collectively by all minority shareholders.
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