Clark’s Hann Resorts is said to have filed a prospectus with the Philippine Stock Exchange for an initial public offering as it looks to raise up to Php11.8 billion (US$212 million).
According to a report by Bloomberg, group entity Hann Holdings Inc is planning to sell 500 million common shares at a maximum price of Php23.60, with an option to sell another 50 million secondary shares.
The IPO is reportedly on track for a 9 September launch with shares to begin trading as early as 19 September as per details contained within the prospectus.
IAG has reached out to Hann for further comment.
The possible IPO, first rumored last July, comes with the company in the midst of its uber-luxury Hann Reserve Phase 1 development in nearby New Clark City, currently slated for a 2027 opening. Hann is also embarking on an expansion of its existing Hann Casino Resort that will add more gaming space plus exclusive non-gaming amenities.
In a recent interview with IAG, Hann’s SVP of Casino Operations, Dennis Andreaci, said the expanded casino will add around 50% more slot machines and 40% more mass tables on top of the property’s existing 1,000 slots and 200 tables.
According to local media reports, around 63% of proceeds from the IPO are planned to be put towards the company’s Hann Reserve development, described in the prospectus as a first of its kind in the Philippines – a unique development which features, among other facilities, three designer 18-hole championship golf courses and branded residences.”
However, Hann also revealed plans to expand its online casino offering from 103 games currently to around 500 games in the future.
RelatedPosts
