PH Resorts Group Holdings Inc. (PHR) said it has received regulatory approval from the Securities and Exchange Commission (SEC) for its P1.125- billion follow on offering.
The company in July announced to offer through a follow-on offering “300 million common shares, with an over-allotment option of up to 150 million common shares” out of the company’s unsubscribed authorized capital, at an offer price of between P1 to P2.50 per share.
This is the latest in the fund raising activity of the company which in March last year shelved a P12- billion follow-on offering.
The company at the time claimed to have been presented with a “more strategically suitable alternative options” for funding means, following the completion of the follow-on offering’s roadshow.
The shelving of that offering was then followed by an announcement in October that it has received a $42.5-million funding from offshore entity Emerald Development Holdings Ltd., wholly-owned by Dennis Uy-led Udenna Corp., for the completion of the Emerald Bay Resort and Casino.
On this year’s share sale, Uy who is PH Resorts chairman, said the proceeds will be used to finance the completion of its Emeral Bay project phase one in Mactan, Cebu. Emerald Bay will be the first integrated casino resort on Mactan Island with an access from the Cebu-Mactan International Airport.
“This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map,” he said.
Uy said Emerald Bay has a strong competitive position “having a seven-year exclusivity agreement with the city government of Lapu Lapu which will start from the commencement of commercial operations.” One of Emerald Bay’s remarkable features, upon completion of its first phase, will be a 300 meter long stretch of beach front, a significant feature in the South East Asia integrated resorts context.
Emerald Bay will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022. Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 EGMs and 270 hotel room bays. The casino complex’s management team is pushing for a soft opening by the end of 2021, and continue to increase its gaming capacity and hotel rooms starting 2022.
“Our location, in the largest urbanized area in the VisayasMindanao region, close to a major international airport, the 7 year exclusivity and the offering of a high quality vacation beach experience creates the perfect scenario for a successful integrated resort,” said José Angel Sueiro, PH Resorts chief operating officer.
PH Resorts has appointed Unicapital, Inc. and Abacus Capital and Investment Corporation as lead and co lead underwriters, respectively.