Travellers International rethinks planned IPO, may downsize P42-B  share sale

Market volatility may compel Travellers International Hotel Group Inc. to downsize a planned  P42 billion initial public offering, an official of parent Alliance Global Group Inc. said Tuesday.

 

Right now, Travellers International company is waiting for the market to settle down stabilize before doing the maiden offering, Alliance Global president Kingson Sian told reporters in an interview at the sidelines of the company’s annual stockholders meeting in Quezon City's Richmonde Hotel.

 

“It is a possibility but we have not decided on the specifics yet,” Sian said.

 

What is definite is that the joint venture between Alliance Global of tycoon Andrew Tan and Genting Hong Kong Ltd. will go for an IPO this year, he added.

 

 Travellers International will definitely conduct an and that there is still chance that the listing could take place this year “depending on market.”

 

Citing market volatility, Travellers announced in July it would defer a P42-billion share sale approved by the Securities and Exchange Commission and the Philippine Stock Exchange. The company planned to sell 1.8 billion shares at an offer price of up to P23.38 per share. – VS, GMA News