PH Resorts Group Holdings Inc. (PHR), an integrated gaming resort developer led by Davao-based businessman Dennis Uy, has shelved a follow-on offering worth as much as P12 billion to consider other funding options.
“During the course of PHR’s roadshow and marketing efforts, it was presented with more strategically suitable alternative options for its funding needs. Thus, upon careful consideration, PHR has decided to defer its offering,” PHR president Raymundo Martin Escalona said in a statement.
The pricing of the offering was originally scheduled for Feb. 26 but the book building was extended until Friday to await feedback from foreign investors.
On Friday, PHR announced it would defer the equity deal. The decision was made “after careful consideration of its business strategies,” the company said.
PHR was authorized to offer as much as 2.054 billion common shares to the public at between P3.65 and P5.84 per share. The base offer consists of 1.786 billion shares but additional 267.94 million shares are earmarked for stabilization of share prices.
Proceeds from the offering are intended 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. A portion will finance the expansion of the Donatela Hotel in Panglao, Bohol, while the rest will go to general corporate purposes.
While alternative options for its funding needs are on the table, PHR stressed it was still eager to pursue the offering at the most apt time.
PHR is part of holding firm Udenna Corp., which has interests in petroleum and oil through Phoenix Petroleum, shipping and logistics through Chelsea Logistics, real estate through Udenna Development, education through Enderun Colleges and infrastructure through Udenna Infrastructure, among others.
PHR gained backdoor ticket to the stock exchange through Philippine H2O Ventures Corp. The company is the parent firm of PH Travel and Leisure, the holding company for the gaming and hospitality arm of Udenna group. —DORIS DUMLAO-ABADILLA