Gaming operator Travellers buys back enough shares to delist

Travellers International Hotel Group Inc., operator of Resorts World Manila (in photo). INQUIRER FILE PHOTO

MANILA, Philippines–Integrated gaming resort operator Travellers International Hotel Group Inc. has obtained consent from a sufficient number of shareholders to proceed with its delisting from the Philippine Stock Exchange.

Travellers told the local bourse on Thursday that a total of 1.32 billion common shares were tendered at the end of the offer period as of Sept. 23, while a total of 261.81 million shares forming the public float were not tendered.

As such, the resulting public float will be less than 2 percent from 10.4 percent after the crossing of shares on Sept. 30, the disclosure said.

Travellers, which trades under the ticker RWM, has prepared to shell out as much as P8.7 billion to buy back up to 1.58 billion common shares held by minority shareholders in line with its voluntary delisting plan.

Once the company is delisted, shareholders stuck with shares of a non-public company will henceforth have to pay capital gains tax of between 5 and 10 percent if and when they unload their shares. /jpv