Genting HK

Genting HK: The Philippines stock exchange has approved the IPO application by Travellers, which will comprise an offer of up to 1.57b shares and an over-allotment option of up to 236m, at an issue price of up to P$23.38 (US$0.54) per share. GENHK presently has a 50% stake in Travellers, which 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 trading is 5 Nov 2013.