Neil Jerome Morales
Go-Jek had hoped to take on Singapore-based Grab which is the dominant player in the Philippines ride-hailing sector.
Proceeds from the share sale will fund the construction of a $200-million integrated casino-resort in a former U.S. military base north of the capital, and a $300-million megacasino in central Philippines.
The airlines is closing in on selling a minority stake to a foreign strategic investor, with a deal likely to be sealed in the first half of this year.
The Land Transportation Franchising and Regulatory Board (LTFRB) denied the petition of Go-Jek’s subsidiary to become the newest ride-hailing service in the Southeast Asian nation.
The third license, which could be awarded by year-end, comes at the behest of Philippine President Rodrigo Duterte and aims to boost the country’s notoriously patchy services and end a domestic duopoly long accused of being uncompetitive.
This is the second time that Melco has withdrawn its application to delist the unit, amid minority shareholder opposition to the proposed price.
The sale of a minority stake in San Miguel Food and Beverage is part of a restructuring plan announced last year.
The feedback from investor roadshows in Asia, Europe and the United States has been positive, San Miguel Corp President Ramon Ang said
Tiger, which owns the operator of the $2.4 billion Okada Manila integrated casino-resort, is a subsidiary of Universal.
The low-cost airline had been seeking to raise up to $250 million in an IPO this year to fund its expansion programme.