The Securities and Exchange Commission on Thursday approved the P18.48-billion planned follow-on offering of PH Resorts Group Holdings Inc., the listed gaming unit of businessman Dennis Uy
Documents filed with the SEC showed PH Resorts would sell up to 1.78 billion in common shares with an oversubscription of another 267.94 million shares at a price of up to P9 apiece.
The company hired CLSA Ltd. and UBS as the international underwriters, and China Banking Corp. as the domestic lead underwriter of the offering.
The company plans to conduct the share sale within the first quarter of the year.
Formerly known as Philippine H2O Ventures Corp. PH Resort is the parent company of PH Travel and Leisure Holdings Corp., the holding company for the gaming and hospitality unit of the Udenna Group, which includes LapuLapu Leisure Inc., Clark Grand Leisure Corp. and Donatela Hotel Panglao Corp.
PH Resorts plans to use the net proceeds from the share sale to finance the construction of two casino complexes, namely The Emerald and Clark Resort.
The Emerald is a 13.5-hectare integrated tourism resort in Punta Engano in Mactan, Cebu, while Clark Resort is a resort and gaming complex in Clark Freeport Zone in Pampanga province.
The group is also expanding its upscale hotel in Panglao, Bohol called Donatela Hotel. It will add 61 rooms to Donatela Hotel from the current 21 villas.
The company is priming The Emerald and Clark Resort to be two of the Philippines’ premier integrated tourism resort and gaming complexes, offering a premium gaming experience to all customers in a gaming facility designed and operated according to world-class standards.
The company also said the expansion of Donatela Hotel would enhance its luxury offerings and complement the establishment of The Emerald by offering additional upscale facilities to gaming and non-gaming guests.
Uy-led Udenna Development Corp. in March completed the acquisition of a 62-percent stake in Philippine H2O under a share purchase agreement with Jolliville Holdings Corp.
Uy controls several listed companies, namely Phoenix Petroleum Philippines Inc., Chelsea Logistics Holdings Corp., 2GO Group Inc. and recently ISM Communications Corp.
Share price of PH Resorts on Thursday rose 0.2 percent to P6.70.