PH Resorts Group Holdings Inc. is raising P599 million through a private placement to fund the completion of its casino project in Cebu province.
PH Resorts said in a disclosure to the stock exchange it would undertake a placing and subscription transaction where its major shareholder Udenna Corp. agreed to sell 352.44 million common shares in the company to certain qualified institutional buyers.
The shares will be sold at P1.70 each, which was 1.76 percent higher than the stock’s closing price of P1.67 Thursday. Udenna also agreed to subscribe to the same number of shares it sold from PH Resort.
“The placing and subscription transaction allows the company to raise capital in a most expeditious and efficient manner to partially fund the ongoing construction and development of Emerald Bay Resort and Casino project,” PH Resorts said.
Abacus Capital & Investment Corp. and China Bank Capital Corp. are handling the transaction.
