Regions

Alliance Global Group Inc. and Genting Hong Kong Ltd. said on Tuesday that they would postpone the IPO of Travellers International Hotel Group Inc. The partner companies decided for cancellation of the initial public offering of their joint venture because of volatility of markets worldwide.

The initial public offering was estimated at Php42 billion. At this amount, it was supposed to be a big share sale in the Philippine market---in fact, one of the biggest this year.

In a letter to the Philippine Stock Exchange (PSE), Travellers International said, "In view of the current market conditions, the company decided to postpone the implementation of its IPO." In addition, the note said the Travellers International would be informing the PSE when the IPO would be resumed.

The proceeds from the postponed IPO would have been used to repay debts. It would also be used as financing for its Resorts World Manila expansion.