Udenna Corp, the Philippines holding company of billionaire Dennis Uy, has filed a registration statement with the Philippine Stock Exchange ahead of a planned share offering aimed at raising up to Php18.5 billion (US$345.4 million) to fund its move into the casino resort business.
The company confirmed its plans via a series of filings in recent days in which it revealed it hoped to sell up to 2.054 billion common shares in recently acquired Philippine H2O Ventures Corp – the subsidiary set to become a holding entity for Udenna Corp’s tourism and casino-related interests.
The proceeds would be used to help fund its US$341 million Emerald Resort and Casino in Mactan, Cebu, which broke ground in December, as well as another US$200 million casino resort project tentatively planned for Clark Global City in the Clark Freeport Zone.
However, Udenna Corp was quick to note in a Monday filing that neither the share offering nor completion of its two planned casino projects were guaranteed.
While the company said that Philippine H2O Ventures Corp “has plans to inject assets involving the casino projects … the asset injection is not yet complete and the aforementioned casino projects are not yet owned by the corporation as of this time,” – a reference to the fact that Udenna is yet to complete a proposed change of name for Philippine H2O Ventures Corp to PH Resorts Inc. Under its new name, H20 will become the holding entity for Udenna’s tourism and casino projects.
The company also added that its “capital raising plan is not yet final as of this time and the corporation may resolve to change the terms of the following on offering or abandon it and pursue other modes of funding for its projects.”
Emerald Resort and Casino in Lapu-Lapu City will cover 12.5 hectares of “prime beachfront property” with completion planned for 2020.
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