Genting HK

Genting HK: the Philippines stock exchange has approved the application by Travellers for the initial listing on the mainboard. The IPO will comprise an offer of up to 1.57b shares and an over-allotment option of up to 236m, at an offer price of up to P$23.38 (US$0.54) per share. GENHK presently has a 50% stake in Travellers, and is expected to be diluted to 45% (assuming no over-allotment) or 44.3% (with over-allotment). All existing Travellers shareholders holding at least a 10% stake will be subject to lock-up of 180 days after listing. The tentative date for Travellers’ to commence listing is 5 Nov 2013.