Travelers uses last of 2013 IPO proceeds

Philippines-listed Travellers International Hotel Group, operators of Resorts World Manila, says it had disbursed the last of the proceeds from its 2013 IPO in the fourth quarter of 2016.

In May 2013, the firm listed 1.6 billion common shares on the stock exchange, raising a total of P16.8 billion.

According to the firm’s recent filing filing to the Philippine Stock Exchange, the offering proceeds were used to finance expansion programs at Resorts World Manila – with P7 billion used on the Phase 2 expansion program, P9.5 billion on the Phase 3 expansion program, as well as P259.8 million for ‘General Corporate Purposes’.