Dennis Uy’s gaming firm plans up to P1.12B ‘re-IPO’

Dennis Uy

Businessman Dennis Uy-led gaming resort developer PH Resorts Group Holdings Inc. (PHR) has revived plans to raise equity from a follow-on stock market offering two years after backdoor- listing on the local bourse.

PHR plans to raise up to P1.125 billion from the sale of new shares through a re-initial public offering (re-IPO).

Based on a disclosure to the Philippine Stock Exchange on Monday, the company’s board approved a follow-on offering of up to 450 million common shares at a price of at least P1 to as much as P2.50 per share.

The base offer is 300 million common shares but there will be an overallotment option of up to 150 million new shares.

To recall, PHR had planned a follow-on offering worth as much as P12 billion in 2019 but this had been shelved to “consider other funding options” at that time.

PHR, formerly Philippine H2O Ventures Corp., was originally incorporated as Calapan Equity Ventures. In 2018, Davao-based businessman Dennis Uy’s Udenna Corp. gained a controlling stake in the company, which was transformed to be the group’s holding entity for the tourism-related businesses.

PHR has integrated resort and casino project in Lapu-Lapu City, Cebu, and Clark Global City in Angeles, Pampanga.