Philippines businessman Dennis Uy is transforming water utility business Philippine H20 Ventures Corp into his tourism and gaming vehicle, with the new venture’s portfolio to include integrated resort projects in Cebu and Pampagna.
The announcement followed Philippine H20 Ventures Corp’s annual stockholders meeting this week which saw the board of directors approve a company name change to PH Resorts Group Holdings, Inc, a change in business address to the Clark Freeport Zone in Pampanga and a change in the primary purpose of the company to the “hotel and/or gaming and entertainment business.” Uy was also elected Chairman of the newly named PH Resorts.
The changes come in the wake of the recent acquisition of a 62% stake in Philippine H20 Ventures Corp by Uy’s holding company, Udenna Corporation, under a share purchase agreement with Jolliville Holdings Corporation.
“As we foray deeper into the tourism sector, we hope to usher in a new era of growth for our shareholders,” Uy said. “At the same time, we look forward to supporting the development of the tourism sector, which serves as one of our economy’s growth pillars.
“PH Resorts will allow the Udenna Group to take advantage of the many opportunities in the tourism sector; create stronger synergies among our existing businesses and make more meaningful contributions to the Philippine economy.”
In May 2017, Udenna was granted a provisional license by Philippines gaming regulator PAGCOR to build and operate the country’s first privately owned integrated resort outside of Metro Manila, with ground broken on the US$341 million Emerald Resort and Casino in Mactan, Cebu, last December. The resort, designed by renowned casino architect Paul Steelman, will target both foreign and local players with a particular focus on Chinese and Koreans.
Udenna will invest another US$200 million into a casino resort at Clark Global City in the Clark Freeport Zone.
The backdoor listing of PH Resorts sees it join Phoenix Petroleum Philippines, Inc, Chelsea Logistics Holdings Corp and 2GO Group, Inc in Udenna’s portfolio of listed companies.
RelatedPosts
