Travellers International Hotel Group said the postponement of its US$1 billion initial public offering will not mean postponement of its expansion plans as well. The company had earlier planned its market debut this month before deferring it to September or October. The deferal is said to be due to the market volatility that hit emerging markets in June.
Travellers International Hotel Group said that will invest around US$600 million to expand its Manila casino-hotel business in the coming years. Kingston Sian, President of Travellers International, said the company is driven to complete the expansion venture by 2016 despite the public offering delay. Mt. Sian claimed that they may go to the debt market instead to seek capital while waiting for a suitable time to go public.
"We are not pressured, we will just wait for the right timing. We can go to the debt market," Mr. Sian explained.
Travellers International is a joint venture between Philippine corporation Alliance Global Group Inc. and casino operator Genting Hong Kong Ltd.
Join the Conversation