Casino and hotel operator Hann Holdings, Inc. (HHI) said Tuesday it will continue executing its business plans and growth initiatives after deferring its planned initial public offering (IPO) and listing on the Philippine Stock Exchange (PSE) on unfavorable market conditions.
“The company believes that current market conditions do not allow for an offering outcome that would accurately reflect its intrinsic value and long-term prospects,” HHI said in a statement.
“HHI has acted decisively to protect investor value by deferring its listing until conditions are more conducive,” it said.
The P13-billion ($221.31 million) IPO was intended to support the company’s expansion into the high-end integrated resort and leisure market in Central Luzon.
The company plans to develop Hann Reserve, a 450-hectare luxury mountain resort in New Clark City, Tarlac. The project is envisioned as a luxury eco-leisure estate, with plans for hotels, golf courses, and residential villas from brands such as Banyan Tree, Sofitel, and The Luxury Collection by Marriott.
HHI said the decision to postpone the share offering was made after consulting with advisers and stakeholders.
“Our decision to defer the offering and listing is a matter of timing, not fundamentals,” said Dae Sik Han, HHI chairman, president and chief executive.
“The strength of our business, our growth pipeline, and our long-term strategy remain firmly intact,” he said.
The Clark-based casino operator said it would continue monitoring the market and plans to proceed with its IPO once conditions are more favorable.
