MANILA, June 25 The Philippines' Travellers
International Hotel Group has deferred its 36.8 billion peso
($842 million) initial public offering to September or October
after recent declines by local and global stock markets, IFR
reported on Tuesday.
The premarketing that started on June 13 was to end on
Tuesday and given market conditions the company decided not to
start bookbuilding, said IFR, a Thomson Reuters publication.
Travellers is a joint venture between casino operator
Genting Hong Kong Ltd and Philippine conglomerate,
Alliance Global Group Inc.
Under the original schedule, bookbuilding was to start in
late June and the listing was targeted for mid-July, IFR said.
Last week, Macau gaming company Macau Legend Development
also postponed its up to $788 million Hong Kong IPO.
Travellers hired Bank of America Merrill Lynch, CIMB
, Maybank, Religare Capital Markets and UBS
to handle the offering.