Bourse OKs follow-on offering of PH Resorts
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), the gaming business firm led by Davao-based businessman Dennis Uy.
PHR plans to offer 2.054 billion common shares at between P3.65 and P5.84 a share. The base offer is composed of 1.786 billion shares but another 267.94 million shares are earmarked for stabilization-related option.
Based on an offering circular posted by the PSE, 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 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 book runner is UBS AG Singapore branch.
PHR earlier gained backdoor ticket to the local stock exchange through Philippine H2O Ventures Corp. (H2O).
Proceeds of the offering are earmarked to fund the design, construction and development of the first phases of PHR’s two integrated casino resorts, The Emerald in Mactan, Cebu, and Clark Resort in Pampanga. Excess funds will be used to finance expansion of the Donatela Hotel in Panglao, Bohol.
PH Resorts chair Dennis Uy said the approval of the SEC and PSE had taken the firm closer to its goal of helping improve the country’s competitiveness in the tourism and gaming industry.
“The Emerald and Clark Resort are envisioned to be world-class premium tourism projects aimed at attracting local and international tourists. The same goal is reflected in our expansion of the Donatela Hotel,” Uy said.
To date, 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 & Gaming Corp. to establish The Emerald on Mactan Island, Cebu. It will be located on a 13.5-hectare site on Punta Engano.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.