PHR RAISES P 599M FROM TOP-UP EQUITY DEAL

Davaoeño businessman Dennis Uy-led casino resort developer PH Resorts Group Holdings Inc. (PHR) is raising P599.15 million from a top-up equity placement deal with institutional investors.

The private placement deal will bring down the interest held by Uy’s holding firm, Udenna Corp., to 82.4 percent from 86.59 percent, while the public float will increase to 17.5 percent from 13.3 percent, PHR disclosed to the Philippine Stock Exchange on Thursday.

PHR’s foreign ownership is seen to increase to 4.56 percent from 3.75 percent.

PHR is set to place out 352.441 million common shares held by Udenna to certain qualified buyers at P1.70 per share following a book-building exercise conducted by the company and its placement agents, Unicapital Inc., Abacus Capital & Investment Corp. and China Bank Capital Corp.

Simultaneously, Udenna will subscribe to the same number of shares at the same price.

This means Udenna is only lending its shares for a quicker placement deal and proceeds will go to PHR.

“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,” the disclosure said.

“To the extent the company does not use the proceeds for the purpose described above, the company intends to use such proceeds for general corporate purposes,” it added.

PHR intends to list the new shares to be subscribed by Udenna “as soon as practicable,” the disclosure said.