Travellers acquires Resorts World Bayshore developer for P16B

Listed Resorts World Manila operator Travellers International Hotel Group Inc. will acquire Resorts World Bayshore City Inc. (RWBCI) for P16.15 billion.

RWBCI is the developer of the $1.1-billion Resorts World Bayshore within the Bagong Nayong Pilipino Entertainment City complex in Paranaque City.

Travellers said its board of directors on Tuesday approved its subscription to RWBCI’s 3.23 billion share issue consisting of 880 million common shares and 2.35 billion preferred shares. The share purchase translates to a 95-percent ownership in RWBCI.

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