MANILA, Philippines – Six years after its local stock market debut, Resorts World Manila developer and operator Travellers International Hotel Group plans to delist from the Philippine Stock Exchange (PSE).
“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 told the PSE on Thursday.
The planned voluntary delisting from the main board of the PSE and the mandatory tender offer have been approved by Travellers’ board of directors.
About 10 percent of the company’s shares are currently held by the public, while the rest are held by the group of tycoon Andrew Tan and the Genting group of Malaysia.
Travellers, which trades under the ticker RWM, requested for a trading suspension on Wednesday to allow investors to digest this material information. /gsg