Genting HK’s Philippine unit finalizes IPO postponement
Unfavorable market conditions have caused Travellers International Hotel Group Inc. to postponed its PHP42-billion market debut scheduled for release this month. Travellers International Hotel Group Inc is a joint venture between entertainment and luxury lifestyle companies Genting Hong Kong Ltd. and Alliance Global Group Inc.
"In view of the current market conditions, the company decided to postpone the implementation of its IPO. We shall inform your good office when the company decides to resume its IPO as soon as more favorable market conditions occur," a letter to the Philippines Stock Exchange from Travellers said.
Travellers International Hotel Group Inc. was originally set to sell shares under the first board of the Philippine Stock Exchange on July 19. The initial public offering would have made the debut one of the biggest share sales this 2013.
The market has been very volatie, touching bear levels and then bouncing back in the past few weeks, as fears that the US might roll-back its multi-billion-dollar stimulus program. The current global market condition saw foreign funds exiting young emerging markets into developed ones.
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