The Securities and Exchange Commission has approved the P18.5-billion follow-on offering planned by PH Resorts Group Holdings Inc. (PHR), a gaming company led by Davao-based businessman Dennis Uy.
Based on a registration statement filed with the SEC, PHR plans to offer 2.054 billion common shares at a maximum price of P9 a share.
The base offer consists of 1.786 billion shares with an option to issue another 267.94 million.
PHR earlier gained a backdoor ticket to the local stock exchange through Philippine H2O Ventures Corp. (H2O).
Proceeds from the equity deal will be used to fund the design, construction and development of the first phase of The Emerald gaming hub in Cebu and Clark Resort in Pampanga as well as the expansion of the Donatela Hotel.
About 90 percent of the company’s shares are owned by Udenna Corp.
The company is the parent firm of PH Travel and Leisure, the holding company for the gaming and hospitality arm of Udenna group, which includes Lapulapu Leisure Inc., Clark Grand Leisure Corp. and Donatela Hotel Panglao Corp.
Lapulapu holds a provisional license from the Philippine Amusement and Gaming Corp. to establish The Emerald on Mactan Island, Cebu. It will be located on a 13.5-hectare site at Punta Engano.
Upon completion, the first phase of The Emerald is expected to have 7,585 square meters of gaming floor area, with around 1,186 electronic gaming machines, 146 gaming tables, an 838-room hotel (including five villas), a retail complex with 8,000 sqm of space, a convention center and 18 restaurants.
The second phase is expected to have 9,400 sqm of gaming area, a five-star hotel with 1,300 rooms and food and beverage as well as retail areas of about 5,700 sqm and 7,600 sqm, respectively.
Grand Clark is the developer of Clark Resort, an integrated tourism resort to be located in Clark Freeport.