A follow-on offering for up to 450 million primary common shares in PH Resorts Group Holdings, Inc, the gaming and hospitality arm of Philippines conglomerate Udenna Corporation, is underway after the company this week received a certificate permitting sale from the Securities and Exchange Commission.
The shares are being offered at Php1.68 per share and are expected to raise up to P756.0 million (US$15.6 million) in gross proceeds upon the full exercise of the over-allotment option. Proceeds from the offer, running from 21 to 28 October, will primarily be used to fund completion of the first phase of PH Resorts Group’s Emerald Bay casino resort in Cebu.
“We are very elated with hitting new milestones in this exciting journey,” said Chairman Dennis Uy.
“The feedback on early demand for this offer has been very encouraging and we believe that this shows investor confidence in a recovery in the country’s tourism and gaming sector.”
The company has previously set its planned opening date at Emerald Bay for the second quarter of 2022, with hopes of a soft launch by the end of 2021.
The first phase of Emerald Bay will feature 122 gaming tables split between mass, premium mass and junkets, plus 600 EGMs and 270 hotel room bays located alongside a 300-meter strip of beach front.
PH Resorts Group said it holds a seven-year exclusivity agreement with the City Government of Lapu‐Lapu which begins from the commencement of commercial operations.
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