Travellers International Hotel Group on Wednesday has announced its voluntary delisting on the main board of Philippine Stock Exchange (PSE).
The company said the move will allow it to “timely address evolving market demands and rapidly changing customer needs without compromising its business strategies to competition.”
Travellers will hold a tender offer for up to 1.58 billion shares and would voluntarily suspend trade sharing.
After the tender offer is completed, non-public shareholders will hold at least 90 percent of the total listed and outstanding common shares.
Travellers, which operates Resorts World Manila, earlier reported a 52percent drop in its net income in the quarter ending June as gross expenses rose 89 percent to P7.37 billion during the same period.