Dennis Uy’s PH Resorts issues new shares

The Philippine Resorts Group Holdings Inc. has issued new shares as part of its increase in authorized capital stock.

In a recent filing with regulators, PH Resorts said it issued 4.1 billion shares to Udenna Corp., 225 million shares to Novel Edge Investments, 96 million shares to subscriber Conrado Rafael Alcantara and 85 million shares to subscriber Marco Angelo Alcantara.

In all, PH Resorts’ Board of Directors approved the increase in capital stock to eight billion common shares from 500 million previously.

The Securities and Exchange Commission (SEC) approved the increase early this month.

The PH Resort shares will be issued at a total aggregate value of P4.5 billion in exchange for shares in PH Travel and Leisure Holdings Corp. (PHTLHC) from Udenna and 406,376,691 shares in exchange for cash in the amount of P406 million from other non-Udenna subscribers.

“Following the share issuance, PH Resorts will own 100 percent of the issued and outstanding capital stock of PHTLHC. The share issuance also ensures the continued compliance of the corporation of its minimum public float,” PH Resorts said.

The SEC also earlier approved a change in the corporate name of Philippine H2O Ventures Corp. to PH Resorts Group, which will be the resort and gaming company of Davao-based businessman Dennis Uy.

The corporate regulator also approved the change in the primary purpose of the company to engage in the hotel or gaming and entertainment business.

Uy is putting up two integrated casino resorts under PH Resorts. One is in Mactan, Cebu, and another one will be in Clark, Pampanga.

At present, Uy’s Group is already building the $300-million casino project on a 12-hectare lot in Cebu called Lapu-Lapu Leisure Mactan.

It is also finalizing plans for a second casino in the 177-hectare Clark Global City within the Clark Freeport Zone in Pampanga. The project is slated for completion by 2022.

Uy’s Udenna Group earlier acquired 62 percent of the issued and outstanding capital stock of Philippine H2O under a share purchase agreement with Jolliville Holdings Corp.

Udenna also has investments in other listed companies such as Phoenix Petroleum Philippines Inc., Chelsea Logistics Holdings Corp., 2GO Group, Inc. and ISM Communications Corp.