PSE OKs PH Resorts’ P12B equity sale

MANILA, Philippines –The Philippine Stock Exchange has approved a follow-on offering worth as much as P11.99 billion planned by PH Resorts Group Holdings Inc. (PHR), a gaming business firm led by Davao-based businessman Dennis Uy.

PHR plans to offer 2.054 billion common shares at a price per share between P3.65 and P5.84 each. The base offer consists of 1.786 billion shares but additional 267.94 million shares are earmarked for stabilization-related option.

Based on an offering circular posted by the PSE on Friday, the follow-on offering of PHR would run from March 4 to 8 this year after a price-setting on Feb. 26.

The shares are tentatively set for listing on March 18 this year.

This offering will bring about 37 percent of PHR’s shares to public hands.

PHR has mandated China Bank Capital Corp. as lead underwriter while CLSA Ltd. is the stabilizing agent.

China Bank Capital is also the domestic issue manager and domestic lead manager while CLSA is the sole global coordinator and joint bookrunner.  Another joint book runner is UBS AG Singapore branch.

PHR earlier gained backdoor ticket to the local stock exchange through Philippine H2O Ventures Corp. (H2O). /muf