Alliance Global completes acquisition of Genting Hong Kong’s stake in Newport World Resorts
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The transaction gives the Philippine conglomerate full ownership of the Manila integrated resort.
The Philippines.- Alliance Global Group (AGI) has completed the acquisition of Genting Hong Kong’s remaining stake in Newport World Resorts. It thus becomes the sole owner of the Manila integrated resort more than three years after the deal was announced.
According to a regulatory filing, AGI subsidiary Newport World Resorts Properties, Inc. has taken ownership of the shares previously held by the former Genting Hong Kong entities Star Cruises Philippines Holdings B.V., Asian Travellers Ltd and Premium Travellers Ltd.
AGI said all conditions under the share purchase agreement signed on May 30, 2023, have now been fulfilled and the shares successfully transferred. Financial terms of the transaction were not disclosed.
With the completion of the deal, Genting Hong Kong no longer holds any direct or indirect equity interest in the businesses involved in Newport World Resorts. The acquisition brings to a close a partnership that began in 2009, when the property opened as Resorts World Manila under a joint venture in which AGI held a 60 per cent stake and Genting Hong Kong the remaining 40 per cent.
The transaction gives the Philippine conglomerate full ownership of the Manila integrated resort. The Philippines.- Alliance Global Group (AGI) has completed the acquisition of Genting Hong Kong’s remaining stake in Newport World Resorts. It thus becomes the sole owner of the Manila integrated resort more than three years after the deal was announced. According to…
