Resorts World Manila operator Travellers International Hotel Group, Inc (TIHGI) will delist on 21 October after receiving approval from the Philippine Stock Exchange (PSE).
The Exchange issued a memorandum this week confirming the voluntary delisting had been given the green light at a board meeting, stating, “Subject to the payment of the required voluntary delisting fee, the Company’s shares shall no longer be tradable effective October 21, 2019.”
TIHGI announced its plans to go private and delist in August, explaining at the time that the move would “allow the company to timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”
A subsequent tender offer saw a total of 1,321,060,505 common shares from a possible 1,582,867,900 shares in Travellers tendered, reducing the public float to less than 2% of issued share capital.
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