PH Resorts welcomes new foreign shareholder
UDENNA Corp (“UDENNA” or the “Company”), the corporate parent of PH Resorts Group Holdings, Inc (“PHR”) recently sold existing shares to a foreign institutional fund making it a new shareholder of PHR.
PH Resorts is UDENNA’s gaming and hospitality subsidiary currently constructing its flagship project, the Emerald Bay Resort & Casino in Mactan, Cebu.
The transaction consisted of approximately 179 million shares sold by Udenna Corp for a total transaction amount of P302 million. It was executed as a special block sale last Monday, 23 August 2021.
UDENNA Corp. remains the largest single shareholder of PHR with its equity ownership going down from 82.40% to 79.95%. On the other hand, even with the entry of the new foreign shareholder, PHR’s foreign ownership level remained at 3.59%.
The transaction clearly showed clear message of confidence in the company despite the re-imposition of the Enhanced Community Quarantine (ECQ) restriction in the National Capital Region (NCR) and certain provinces adjacent to it as well as steadily rising COVID-19 cases nationwide.
“We welcome this development as it marks a vote of confidence on the sector, the group and the company,” said UDENNA Corp. President and concurrent PH Resorts President and CEO Raymundo Martin M. Escalona.
“Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry,” added PH Resorts COO gaming veteran Jose Angel Sueiro.
The Company believes that with more of the population vaccinated in the coming months, there will be a resumption of both international and local flights, spurring a recovery in tourism in the Philippines and in the region.
Emerald Bay is scheduled to open by the third quarter of next year. 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.
Subscribe to our business newsletter
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.