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Uy to list casino projects through PH resorts

/ 05:01 AM June 26, 2018

Davao-based businessman Dennis Uy has transformed Philippine H2O Ventures Corp. into his group’s tourism platform, officially anointing this as the backdoor-listing vehicle for upcoming integrated casino resorts in Cebu and Pampanga.

In its annual stockholders’ meeting on June 25, the publicly listed Philippine H2O Ventures secured approval to change its name to PH Resorts Group Holdings Inc. (PH Resorts) as well as transform its primary purpose to engage in the hotel and/or gaming and entertainment business.

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PH Resorts will house the tourism-related businesses of Uy-led Udenna Group.

In a statement yesterday, Udenna announced that PH Resorts’ portfolio would include two integrated resort and casino projects, one in Mactan, Cebu, and another one in Udenna’s Clark Global City in Angeles, Pampanga.

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Shareholders also approved an increase in PH Resorts’ authorized capital stock to P8 billion from P500 million.

“As we foray deeper into the tourism sector, we hope to usher in a new era of growth for our shareholders,” Uy said in the statement.

“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,” said Uy, who was elected PH Resorts’ chair.

The following will join the company’s board: Raymundo Martin Escalona (president); Jose Angel Sueiro (chief operating officer); Cherylyn Uy (treasurer); and Lara Lorenzana (chief financial officer). Eric Recto and William Yap were appointed independent directors.

Udenna Group earlier acquired 62 percent of the issued and outstanding capital stock of H2O Ventures, which used to be a water utility company, under a share purchase agreement primarily with Jolliville Holdings Corp.

Uy’s group also controls Phoenix Petroleum Philippines Inc., Chelsea Logistics Holdings Corp. and 2GO Group, Inc.

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