HomeNewsPhilippinesAGI buying rest of shares in Newport World Resorts from failed Genting HK

AGI buying rest of shares in Newport World Resorts from failed Genting HK

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Alliance Global Group (AGI) has sealed a deal to take over all shares held by the failed Genting Hong Kong in integrated resort Newport World Resorts, located in Manila.

According to a filing by AGI with the Philippine Stock Exchange, Newport World Resorts Properties, Inc., a subsidiary of AGI, has announced that it will acquire the shares held by Star Cruises Philippines Holdings B.V., Asian Travellers Ltd, and Premium Travellers Ltd, all formerly part of the Genting Hong Kong Group, in Newport World Resorts operator Travellers International Hotel Group, Inc. (TIHGI).

After finalizing the deal, Genting Hong Kong’s stake in TIHGI and associated entities is set to end.

Genting Hong Kong was delisted from the Hong Kong Stock Exchange on May 16th. Genting HK’s liquidators confirmed that the company had ceased its business operations and was not expected to be able to develop any plan to address its insolvency and resume business operations to re-comply.

AGI had a 60 percent stake in a joint venture partnership with Genting Hong Kong when opened Resorts World Manila opened in 2009. Last July, the resort was rebranded to Newport World Resorts, following the collapse of Genting’s cruise ship arm.

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