Resorts World Manila operator voluntarily delists from PSE

MANILA, Philippines – The operator of Resorts World Manila, Travellers International Hotel Group, announced its voluntary delisting from the Philippine Stock Exchange (PSE) on Wednesday, August 14.

Travellers International said it will conduct a tender offer of over 1.5 million shares and will be delisted on October 15.

After the delisting, at least 90% of its shares shall be held by non-public shareholders.

"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 International said in a PSE disclosure.

The casino operator reported a sharp 52% decline in its net income to P599 million for the 2nd quarter of 2019. The company attributed the drop to finance charges and increases in depreciation expenses.

Moreover, its free float level is just at 10%, the minimum required to remain as a listed company.

This would be the 2nd casino operator to be delisted from the PSE in 2019.

City of Dreams operator Melco Resorts was delisted earlier this year after failing to reach the minimum threshold on public ownership for over 6 months.

Like Travellers International, Melco Resorts reported losses of over P16.2 billion and total liabilities of P25.7 billion in the 1st quarter of 2019. –

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.