Philippine Resorts raises P600 million from top-up placement

MANILA, Philippines — Dennis Uy’s PH Resorts Group Holdings Inc. raised approximately P600 million from  a top-up placement, proceeds of which will be used to fund its casino project.

A top-up placement happens when major shareholders place their existing shares with independent persons, then subscribe to additional new shares.

The transaction consisted of around 352 million shares sold by PHR’s parent Udenna Corp. at P1.70 per share, PHR disclosed yesterday.

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With the proceeds, Udenna will subscribe to the same number of shares to be issued by the company at the same price, thereby injecting funds into PHR.

The proceeds will be used for the continued construction of the company’s flagship project, the Emerald Bay Resort & Casino in Mactan, Cebu.

PHR’s Emerald Bay is scheduled to open by the third quarter of next year.

Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets, 600 electronic gaming machines and 270 hotel room bays.

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The top-up placement was successfully consummated despite the re-imposition of the enhanced community quarantine  restriction in the National Capital Region and certain provinces adjacent to it as well as steadily rising COVID-19 cases nationwide, the company said in a statement.

“Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry. In fact, the participants in our top-up placement are existing shareholders and also participated in the company’s follow-on offer last November,” said PHR COO and gaming veteran Jose Angel Sueiro.

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Article and Photo originally posted by Philippine Star last August 21, 2021 12:00am and written by Iris Gonzales.

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