Travellers International Hotel Group Inc., the operator of Resort World Manila, on Wednesday announced its voluntary delisting from the Philippine Stock Exchange (PSE).
In a regulatory filing submitted by corporate information officer Bernard Tan, Travellers International said its board of directors approved the voluntary delisting of its common shares from the PSE’s main board.
The casino and hotels operator said it will conduct a tender offer of up to 1,582,867,900 shares in line with the Securities Regulation Code and the PSE delisting rules.
“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 said.
Once the tender offer is consummated, at least 90% of the total listed and outstanding common shares of the company shall collectively be held by non-public shareholders, it said.
The date of delisting is October 15, 2019, according to Travellers International.
“Appropriate disclosures will be made once the tender offer price has been determined,” the company said.
The tender offer report will be filed with the SEC and the PSE on or before the commencement of the tender offer on August 19, 2019.
“It shall contain, among others, the terms and conditions of the Tender Offer. Copies of the Tender Offer Report and the relevant tender offer materials will be sent to each common shareholder separately,” it said. —VDS, GMA News