Businessman Dennis Uy plans to transform his newly-acquired H2O Venture Corp. into a resort and property development company.
Philippine H20 said in a filing with the Philippine Stock Exchange over the weekend it would seek shareholders’ approval to change the corporate name to PH Resorts Group Holdings Inc. and amend the primary purpose to enable it to engage in real estate development.
It will seek shareholders’ approval to increase the authorized capital stock to up to P8 billion, divided into 8 billion common shares with a par value of ₱1 apiece from the current ₱500 million.
Philippine H20 will also get an approval from the board of directors to conduct an equity offering.
The Uy-led Udenna Development Corp. in December last year signed an agreement with majority shareholders of Philippine H20 led by Jolliville Holding Corp. to acquire their combined 62-percent stake.
Udenna is in the middle of conducting a tender offer to acquire the remaining shares in Philippine H20 as required by the Securities Regulation Code.
Udenna has offered to acquire the remaining 92.416 million common shares in Philippines H20 owned by the public, representing 37.99 percent of the outstanding capital stock of the company, at a price of P4.30, or worth a total of P397.4 million.
The tender offer began on April 30 and would end on May 28.
Uy’s has several assets under Udenna, including his $300-million casino project in Cebu, called Lapu-Lapu Leisure Mactan. The casino will rise within a 12-hectare prime beachfront just six kilometers, or a 20-minute drive, from the airport. This will be the country’s first integrated resort and casino outside Metro Manila. Jenniffer B. Austria
Other assets under Udenna include a hotel business in a joint venture with Robinsons Land Corp., Udenna Tower, and the Calaca industrial seaport.
Udenna last year submitted an unsolicited proposal for a P62-billion reclamation project in Pasay City.
Philippine H2O is the fourth listed companies owned by Uy, who currently owns 2GO Group Inc., Phoenix Petroleum Philippines Inc., and Chelsea Logistics Holdings Corp.