Casino firm Hann defers IPO 

Hann Holdings Inc. has decided to defer its P13-billion initial public offering (IPO). Before this, the firm was unfazed by the weakness of brick-and-mortar casinos in the country, according to a report by Philippine Daily Inquirer.

A source familiar with the matter confirmed to the Inquirer that Hann had already submitted notices to the Securities and Exchange Commission and Philippine Stock Exchange regarding the postponement of its stock market debut.

This also confirms an earlier Bloomberg report, which stated that Hann had decided to postpone its IPO due to “prevailing market conditions.”

The offer period was originally set from Sept. 9 to 15,. The listing on the main board of the Philippine Stock Exchange was initially scheduled on Sept. 23.

Based on its preliminary prospectus, Hann is supposed to offer 500 million primary shares at P23.60 each. It also has an over-allotment option of up to 50 million shares at the same price. This was to be offered by Hann Group Holdings WLL, an existing shareholder.

Hann Philippines currently has an 11-hectare property in Pampanga. This comprises the first five-star luxury hotel in Central Luzon, Clark Marriott, and the first Swissotel in the country.

The local bourse has so far only seen one IPO this year—Cebu-based fuel retailer Top Line Business Development Corp. in February. Investors are navigating challenging market conditions amid geopolitical tensions and the global trade uncertainties.