PH Resorts announces successful Close of Follow-On Offer period
PH Resorts Group Holdings, Inc. (“PHR” or the “Company”), the Udenna Group’s gaming and hospitality subsidiary, after getting the nod from SEC and PSE for its up to 450 million primary common share follow-on offering (FOO), announced the successful close of its offer period yesterday, 28 October. At the ₱1.68 per share final offer price, PHR is expected to raise up to ₱756.0 million in gross proceeds with the full exercise of the overallotment option.
The purely domestic offering saw strong demand from local investors, according to its underwriters, Unicapital, Inc. and Abacus Capital and Investment Corporation. With demand exceeding the base follow-on offer shares, the underwriters have fully exercised the overallotment option, bringing the total offer shares to 450 million. Even with the increased issue size, the Offer remained more than 2.5x oversubscribed, the underwriters noted.
Having successfully completed its offer period on 28 October, the Company has set the target listing date for its FOO shares on 5 November 2020. Unicapital, Inc. and Abacus Capital and Investment Corporation are the Lead and Co-Lead Underwriters for the offer, respectively.
PHR Chairman Dennis A. Uy said, “We are very happy with the market reception for PHR’s FOO. The strong reception and trust placed in us by investors only encourages us to work harder in getting Emerald Bay open at the soonest possible time. We want PHR to be at the forefront of the recovery of the country’s tourism and gaming sector.”
Emerald Bay proximity map. Just twenty minutes away from the airport.
Net proceeds from the offer will be used to partially fund the completion of the first phase of Emerald Bay, PH Resorts’ flagship integrated casino beach front resort in Mactan, Cebu. Emerald Bay will be the first integrated casino resort on Mactan Island with convenient access from the Cebu-Mactan International Airport (CMIA).
Emerald Bay under construction as of 9 September 2020
Emerald Bay will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022. Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines (“EGM”) and 270 hotel room bays. However, the management team is pushing for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting 2022.
“Emerald Bay Resort and Casino, an integrated seaside casino and resort development in the prime area of Mactan, Cebu will surely be a premier gaming and tourism destination not only in the country but in the region. The company has left no stone unturned hiring the best technically renowned consultants and project management team in the hotel and casino industry to meet world class standards and insure that it will deliver a 5-star experience to its customers,” said Unicapital President and CEO, Jaime J. Martirez.
The public offer shall be subject to compliance with existing laws and regulations as well as the fulfilment of certain registration and listing conditions of the SEC and PSE by the Company.
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