BIZ BUZZ: Genting’s exit from Travellers
Alliance Global Group has made a move to take full control of Travellers International Hotel Group, which operates integrated and entertainment and casino Newport World Resorts (previously known as Resorts World Manila).
To do so, its subsidiary Newport World Resorts Properties Inc., is acquiring the shares of its exiting partner Genting HongKong Ltd., a holding company whose interests include cruise and resort businesses.
Genting, under the share purchase agreement, has agreed to sell its 40-percent stake.
The conglomerate led by businessman Andrew Tan, however, has yet to disclose the amount involved—which should be considerable—in addition to the timeline of the deal.
Inquirer did reach out to a company representative but he declined to provide further details, saying that “no other info can be released at this time.”
—Tyrone Jasper C. Piad
A decade in the making
Time heals all wounds, so the saying goes.
The same could probably apply to the admission made by a former energy undersecretary and Philippine National Oil Co. (PNOC) president that he, though “against his will”, pushed for a bid to sell 5 percent of the government’s stake in PNOC-Exploration Corp. to a South Korean firm.
The second admission by this former energy official was his support for the Joint Marine Seismic Undertaking with China and Vietnam allowing the search for oil and gas in the West Philippine Sea.
But there was no mea culpa from this former official for the push for two deals that would have allowed foreign entities to have one foot in the door in an industry that the Constitution limits to Filipinos.
Instead, there was disavowal. On the first deal, he professed acting against his will. On the second, he professed the deal to be not his idea.
That he made the clarification 18 years after the first transaction, aborted in 2005 and 11 years after the second, consummated in 2012 but declared by the High Court as unconstitutional, says so much about more than timing.
Time, indeed, could heal all wounds, including those that are self-inflicted.
—Daxim L. Lucas
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