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Waterfront denies talk of Andrew Tan takeover

by Jenniffer B. Austria [ ]
August 9, 2011

Waterfront Philippines Inc., owned by businessman William Gatchalian, is getting a lot of investors’ attention in the past few trading days on speculations that business tycoon Andrew Tan is interested in acquiring a significant stake in the company.

Rexlon Gatchalian, former president of Waterfront and son of William Gatchalian, denied rumors that Andrew Tan, through his listed Alliance Global Group Inc., was interested in Waterfront.

“Those are unfounded rumors. There is no basis and truth to that,” Gatchalian said in a text message when asked to comment on the speculations.

The stock market is speculating that Tan is interested in Waterfront, which operates hotels with casino. The acquisition is reportedly in line with Tan’s plans to accelerate its hotels and gaming ventures outside of Metro Manila.

Waterfront is an investment holding company of the Gatchalian family for hotel, leisure and tourism businesses.

It investments consist of Waterfront Cebu City Casino Hotel Inc. in Cebu City, Waterfront Mactan Casino Hotel Inc. in Mactan, Cebu, and Davao Insular Hotel Co. Inc. in Davao City.

Waterfront also has a controlling interest over Acesite Philippines Hotel Corp., which operates under the trade name Manila Pavilion Hotel.

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