Udenna unit eyes new shares
PH Resorts Group Holdings Inc. (PHR), the Udenna Group’s gaming and hospitality subsidiary, has obtained from the Securities and Exchange Commission (SEC) pre-effective approval for up to P1.125 billion follow‐on offer of common shares. PHR chair Dennis Uy considered the deal as a milestone on the path to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map.” The proceeds from the exercise will be used to partially fund the completion of the first phase of Emerald Bay, PH Resorts’ flagship integrated casino beach front resort in Mactan, Cebu. Emerald Bay will be the first integrated casino resort on MactanIsland withconvenientaccessfromtheCebu-Mactan International Airport. Moreover, this offer also increases PHR’s public ownership levels from the current 10 percent. Emerald Bay has a strong competitive position having a seven-year exclusivity agreement with the City Government of Lapu-Lapu which will start from the commencement of commercial operations. One of Emerald Bay’s remarkable features, upon completion of its first phase, will be a 300-meter long stretch of beach front, a significant feature in the South East Asia integrated resorts context.