Allen & Overy Advises Philippine Casino on IPO
Travellers is a joint venture between Philippine conglomerate Alliance Global Group Inc. and the Hong Kong subsidiary of Genting Malaysia Bhd. The company operates Resorts World Manila, a three-hotel casino complex in the Philippine capital.
In filings to the Philippine Stock Exchange, Travellers said it planned to sell about 1.5 billion shares at a maximum price of $0.28 apiece. The money will be used to finance the expansion of Resorts World Manila, as well as for general corporate purposes.
Like fellow Philippine company Robinsons Retail, Travellers had delayed its listing due the emerging markets downturn of recent months. The company, which once planned to raise $1 billion, has since lowered its target price.
Allen & Overy Hong Kong partner James Grandolfo is advising Travellers on the deal, with Picazo Buyco Tan Fider & Santos partner Gabriel Dee acting as Philippine counsel.
Paul Hastings Hong Kong partners Patricia Tan Openshaw and Steven Winegar are advising underwriters CIMB Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities (Singapore) Pte. Ltd., Merrill Lynch (Singapore) Pte. Ltd., Religare Capital Markets Hong Kong Ltd., UBS AG. Angara Abello Concepcion Regala & Cruz Law Office is advising the banks on local law matters.