PH Resorts Group Holdings, Inc, the gaming and hospitality arm of Philippines conglomerate Udenna Corporation, says it has set the offer price for a follow-on offering up to 450 million primary common shares at Php1.68, representing a 32.8% discount from the top-end of its price range.
The offering forms part of PH Resorts Group’s fund raising initiatives for construction of Emerald Bay, a new integrated resort project underway in Mactan, Cebu. According to a Monday press release, the tentative start date for the offer period is 21 October, to run for one week subject to the receipt of an SEC Permit. Listing of shares is scheduled for 5 November.
“Another achievement unlocked,” said PH Resorts Group Chairman Dennis Uy. “We are one day closer to our cherished dream of completing Emerald Bay. At the offer price, investors will be given a good opportunity to get in early at attractive valuation levels.”
The company has previously set its planned opening date at Emerald Bay for the second quarter of 2022, with hopes of a soft launch by the end of 2021.
The first phase of Emerald Bay will feature 122 gaming tables split between mass, premium mass and junkets, plus 600 EGMs and 270 hotel room bays located alongside a 300-meter strip of beach front.
PH Resorts Group said it holds a seven-year exclusivity agreement with the City Government of Lapu‐Lapu which begins from the commencement of commercial operations.
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