PSE suspends trading on Travellers
MANILA, Philippines – The Philippine Stock Exchange (PSE) yesterday suspended trading on integrated gaming resort operator Travellers International Hotel Group Inc. on Monday (Sept. 30) as the latter’s public float fell below the 10 percent minimum requirement after a tender offer to minority shareholders.
The tender offer was conducted in line with Travellers’ plan to voluntarily delist from the PSE.
Six years after its local stock market debut, the company wants to return to private hands to avoid having to telegraph key business strategies to its rivals in the gaming industry.
Following a mandatory tender made to minority shareholders, Travellers’ public ownership fell to less than 2 percent when the tendered shares worth P7.26 billion were crossed on Monday.
Around 1.32 billion common shares had been tendered at P5.50 per share at the end of the tender offer period on Sept. 23.
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