Alliance Global Group said it agreed to provide a PHP7.8 billion ($151.3 million) capital injection into the Travellers International Hotel Group, which operates Resorts World Manila.
The company explained in a filing that the injection would increase Travellers’ paid-up capital.
“The infusion of fresh capital to augment the working capital of Travellers will afford AGI’s entertainment and hotel business the opportunity to keep current with its obligations and catch the window of business recovery with the easing of COVID-19 restrictions,” it said, providing no further details.
Travellers International is a 50/50 joint venture between Alliance Global and Genting Hong Kong. The company delisted from the stock exchange in October 2019 and no longer provides separate earnings. Any financial details are provided by Alliance Global.
For the nine-months to end-September, Travellers saw an 80 percent jump in revenue to PHP15.57 billion.
