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Manila Bulletin devider Business devider AGI to prop up Travellers with P7.8-B capital infusion

AGI to prop up Travellers with P7.8-B capital infusion

Published Mar 1, 2022 02:55 pm

Alliance Global Group, Inc. (AGI) is planning to infuse P7.8 billion in gaming and leisure subsidiary Travellers International Hotel Group, Inc. which is increasing its paid-up capital.

In a disclosure to the Philippine Stock Exchange, AGI said “The infusion of fresh capital to augment the working capital of Travellers will afford AGI’s entertainment and hotel business the opportunity to keep current with its obligations.”

Alliance Global Group Inc.

It added that, the funds will allow Travellers to “catch the window of business recovery with the easing of COVID-19 restrictions.”

Travellers International, the owner and operator of Resorts World Manila (RWM), reported a net income of P1.9 billion in the first nine months of 2021, reversing the losses of P5.4 billion recorded in the same period the year before.

In various period during 2020 and 2021, the firm had suffered billions in losses as it felt the heavy weight of the lockdowns imposed because of the pandemic and it had virtually had no gaming operations while hotels operated on a limited basis.

AGI has yet to provide additional details regarding the capital infusion. It had delisted Travellers after conducting a tender offer to mop up minority shares resulting in a public float of less than 2 percent versus the PSE’s minimum public ownership requirement of 10 percent.

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Alliance Global Group Inc.
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