PH Resorts set to proceed with P1.125-b share sale in October

PH Resorts, the gaming and hospitality unit of Dennis Uy’s Udenna Corp., will proceed with a P1.125-billion share sale in October.

The company said in a prospectus filed with the Securities and Exchange Commission it would conduct the offering from Sept. 28 to Oct. 2 and schedule the listing on Oct. 12.

It plans to offer up to 300 million common shares with an over allotment option for another 150 million common shares at an indicative price of P1 to P2.50 apiece.

The company plans to use the net proceeds of the offering to partially fund the construction of the first phase of Emerald Bay Resort and Casino in Mactan, Cebu and for general corporate purposes.

Emerald Bay, the first integrated resort and casino outside Metro Manila, will be constructed in two phases. Upon completion of the first phase, Emerald Bay is expected to have a casino with 4,514 square meters of gaming floor area, 600 electronic gaming machines, 122 gaming tables and a five-star hotel with around 270 hotel rooms.

PH Resorts said it would invest some P21.7 billion to complete the first phase of Emerald Bay that would be completed by the second quarter of 2022.

The second phase is expected to have 12,164 sq. m. of gaming floor area, with 729 electronic gaming machines, 146 gaming tables and a five-star hotel with 780 hotel rooms, including five villas.

“The company believes that Emerald Bay will be one of the Philippines’ premier integrated tourism resort and gaming complexes, offering a premium gaming experience to all of its customers in a gaming facility designed and operated according to world-class standards,” PH Resorts said in the prospectus.

The company also plans to develop an integrated resort and casino in Clark Freeport Zone in Pampanga province.

PH Resorts tapped Unicapital Inc. as the issue manager and lead underwriter for the offering and Abacus Capital & Investments Corp. as the co-lead underwriter for the transaction.The share price of PH Resorts closed at P2.36 on Friday.

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Article originally posted by Manila Standard last September 6, 2020 7:15pm and written by Jenniffer B. Austria.