Three years after first signing an agreement to buy out former parent Genting Hong Kong’s joint venture interests, Philippines conglomerate Alliance Global Group (AGI) has finally acquired full ownership of Manila’s Newport World Resorts.
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The company confirmed via a Wednesday filing that all conditions precedent to the transaction have now been fulfilled, with AGI subsidiary Newport World Resorts Properties, Inc (NWRPI) taking ownership of the 40% stake it didn’t previously hold in Travellers International Hotel Group Inc (TIHGI) – operator of Newport World Resorts. The selling parties are former Genting Hong Kong entities Star Cruises Philippines Holdings B.V., Asian Travellers Ltd and Premium Travellers Ltd.
