PH Resorts to raise P2.8B

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    PH Resorts Group Holdings Inc. will raise an additional P2.84 billion in funding from mother company Udenna Corp. through the issuance of 1.69 billion shares at a price of P1.68 per share.

    This follows the P756 million follow-on offering of the company in November.

    The company said it has topped off Towers A and B of its casino project Emerald Bay, in Mactan, Cebu.

    “The topping off of Towers A and B represent a significant milestone in the ongoing construction of Emerald Bay. Going forward one will see more construction accomplishment on the façade as well as in the interiors,” said José Angel Sueiro, PH Resorts chief operating officer.

    The company is eyeing a soft opening by the end of 2021, before increasing its gaming capacity and hotel rooms starting 2022.