PH Resorts Group Holdings Inc., the leisure and gaming unit of Davao-based businessman Dennis Uy, has cut the offer price of its planned share sale to P3.65 to P5.84 per share from the original offer price of up to P9 apiece.
PH Resorts is now looking to raise between P7.5 billion and P12 billion from the sale of up to 2.054 billion common shares at the current price range.
It set the offering period from March 4 to March 8 and listing date on March 18.
PH Resorts will use the net proceeds from the offering to partially fund the construction of two integrated resort and casino complexes and expansion of its Donatela Hotel in Bohol.
The company hired CLSA Ltd. and UBS as the international underwriters and China Banking Corp. as the the domestic lead underwriter of the offering.
The company will have public float of 30 percent if the offered shares and over allotment shares are issued.
PH Resorts plans to pump in $1 billion (P53.3 billion) to fund the construction of two casino projects—The Emerald an integrated resort and casino in Punta Engaño, Mactan Island, Cebu, and Clark Resort, an integrated gaming and tourism resort in the Clark Freeport Zone.
The construction of The Emerald began in December 2017 and is expected to be completed by the third quarter of 2020.
The first phase is expected to have 7,585 square meters of aggregate gaming floor area, with 1,186 electronic gaming machines, 146 gaming tables, a five-star hotel with 838 rooms including five villas, a retail complex covering 8,000 square meters, a convention center and 18 restaurants. Jenniffer B. Austria
The second phase is expected to have around 9,400 square meters of aggregate gaming floor area, a five-star hotel with 1,300 rooms and F&B and retail areas covering 5,700 square meters and 7,600 square meters, respectively.
Meanwhile, the construction of the Clark Resort is expected to start in the first quarter this year and be completed by 2022. Jenniffer B. Austria