Travellers reschedules IPO

In an amended registration statement filed with the Philippines Securities and Exchange Commission on September 26, Travellers International Hotel Group said that it was rescheduling its IPO for October.  

Travellers, a joint venture between Alliance Global Group Inc. and Genting Hong Kong Ltd., is to hold a P42.5 billion (US$980 million) offering, with 30 percent of the shares or 471.966 million shares being reserved for domestic investors and 70 percent or 1.101 billion for international investors.   The company said that it would use the proceeds of the sale to partially finance the P27.4 billion expansion of its Resorts World Manila property, as well as repay some debts.  The IPO market in the Philippines is heating up again as foreign fund managers turn to emerging markets after the  US Federal Reserve delayed its bond tapering.