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PH Resorts to sell P18-b shares in March

PH Resorts Group Holdings Inc., the listed gaming unit of Udenna Corp., plans to sell P18.48 billion worth of shares in March or April, a top executive said Tuesday.

Udenna vice president for finance Ignacia Braga IV said the company was hoping to proceed with the planned share sale in March or April, once the company received approval from the Philippine Stock Exchange.

The PSE will hold a board meeting on Feb. 13 where the application for the planned share sale of PH Resorts could be taken up.

PH Resorts obtained the green light from the Securities and Exchange Commission in January to raise roughly P18.48 billion from the sale of up to 1.78 billion common shares, with an oversubscription option for another 267.94 million shares at P9 apiece.

The company led by businessman Dennis Uy tapped CLSA Ltd. and UBS as the international underwriters and China Banking Corp. as the domestic lead underwriter for the offering.

PH Resorts will have a public float of 30 percent, once it successfully sold the shares and exercised the over-allotment option.

PH Resorts, formerly known as Philippine H2O Ventures Corp., is the parent company of PH Travel and Leisure Holdings Corp., the holding company for the gaming and hospitality arm of Udenna Group, which includes LapuLapu Leisure Inc., Clark Grand Leisure Corp. and Donatela Hotel Panglao Corp.

Net proceeds from the share sale will be used to finance the construction of two casino complexes―The Emerald and Clark Resort.

The Emerald is a 13.5-hectare integrated tourism resort in Punta Engaño in Mactan, Cebu while Clark Resort is a resort and gaming complex in Clark Freeport Zone in Pampanga.

The group is also expanding its upscale hotel in Panglao, Bohol called Donatela Hotel.

Under the plan, the group will add 61 rooms to Donatela Hotel, which currently has 12 villas.

The company said The Emerald and Clark Resort would rise as premier integrated tourism resort and gaming complexes, offering a premium gaming experience to customers in a gaming facility designed and operated according to world-class standards.

Topics: PH Resorts Group Holdings Inc. , Udenna Corp. , Philippine Stock Exchange
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