Udenna formalizes backdoor listing of its gaming unit

Davao tycoon Dennis A. Uy’s Udenna Group, one of the fastest growing conglomerates in the Philippines, is using the recently-acquired Philippine H2O Ventures Corporation as the backdoor-listing vehicle of his gaming and tourism businesses.

In the recently concluded stockholders’ meeting, the firm’s shareholders approved the change in the company’s name to PH Resorts Group Holdings, Inc. and its primary purpose to engage in the hotel, gaming and entertainment business.

“As we foray deeper into the tourism sector, we hope to usher in a new era of growth for our shareholders,” said Uy, Udenna’s Founder and Chairman.

He added that, “at the same time, we look forward to supporting the development of the tourism sector, which serves as one of our economy’s growth pillars.” Uy was elected Chairman of PH Resort’s Board of Director.

PH Resorts shareholders also approved the increase of the company’s authorized capital stock to P8 billion from P500 million.

The firm will house the tourismrelated businesses of the Udenna Group. Its portfolio will include two integrated resort and casino projects, one in Mactan, Cebu as well as another one in Udenna’s Clark Global City in Angeles, Pampanga.

The Udenna Group earlier acquired 62 percent of the issued and outstanding capital stock of H2O Ventures under a share purchase agreement primarily with Jolliville Holdings Corporation.

PH Resorts is the latest publicly listed company of Udenna, which also controls Phoenix Petroleum Philippines, Inc., Chelsea Logistics Holdings Corp. and 2GO Group, Inc.

“PH Resorts will allow the Udenna Group to take advantage of the many opportunities in the tourism sector; create stronger synergies among our existing businesses, and make more meaningful contributions to the Philippine economy,” Uy said.