Resorts World operator to delist from PSE on October 21
MANILA, Philippines – The Philippine Stock Exchange (PSE) granted the petition for voluntary delisting of Travellers International Hotel Group, a memo from the local bourse said on Monday, October 14.
Shares of Travellers International will no longer be tradeable effective next Monday, October 21.
The company is the operator of Resorts World Manila and uses the symbol RWM.
Travellers International previously said its conversion from a public entity into a private company will allow it to "timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition."
It also struggled to maintain the minimum public float of 10% or the number of shares that should be held by the public.
A total of 1.32 billion common shares were tendered at the end of its tender offer period last September 23. Some 261 million common shares forming part of the existing public float were not tendered.
The company offered to give shareholders just P5.50 apiece, much lower than its initial public offer of P11.28.
The gaming operator went public in October 2013, raising some P20 billion for its expansion and repayment of debts.
But RWM shares struggled to gain traction after falling to the P10 level back in 2015. Shares even fell to P3 in 2016, then settled within the P4 to P6 range for the last two years.
Travellers International 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. – Rappler.com