By Cris Larano
MANILA--Philippine conglomerate Alliance Global Group Inc. said Friday it bought 1.12 billion shares of Travellers International Hotel Group Inc. from the conglomerate's property development unit, Megaworld Corp., for 10.43 billion pesos ($237 million).
"The sale of its shares in Travellers will enable Megaworld to focus on the real estate business while allowing AGI to benefit from the projected growth of Travellers through the expansion of its hotel, retail and gaming facilities," Dina Inting, first vice presidentfor finance at Alliance Global, said in a disclosure to the stock exchange in Manila.
Travellers is a joint venture between Alliance Global and Genting Hong Kong Ltd., and operates integrated tourist hub Resorts World Manila.
Alliance Global bought the 7.1% stake in Travellers at 9.27 pesos a share, the closing price of the stock Thursday.
Write to Cris Larano at firstname.lastname@example.org
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(END) Dow Jones Newswires
June 20, 2014 03:12 ET (07:12 GMT)
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