Travellers International Hotel Group Inc., a joint venture between business magnate Andrew Tan and Malaysian gaming tycoon Lim Kok Thay, is proceeding with initial public offering (IPO) that has been delayed due to market volatility.
In a memorandum posted in the Philippine Stock Exchange’s (PSE) website, it was indicated that Travellers is going to proceed with its public offering, after the company decided to postpone it two months ago.
Specifically, Travellers will be raising P36.78 billion from the sale of 1.57 billion shares at a price of up to P23.38 a share. Offer price will be finalized on October 17.
Set to be officially listed at the PSE on November 5, Travellers shares will be included in the Main Board of the stock exchange.
Earlier in July, the hotel and casino operator finalized the postponement of its then P42-billion IPO.
Travellers said in its previous filing with the exchange that it would push through with the public offering when market conditions improve.
Madelaine B. Miraflor