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PH Resorts Sets Follow-on Offer Price At P1.68

Manila, PHILIPPINES – PH Resorts Group Holdings, Inc. (“PHR” or the “Company”), the Udenna Group’s gaming and hospitality subsidiary, has set the offer price for its follow-on offering up to 450 million primary common shares at P1.68. This is at a 32.8 percent discount from the top-end of its price range.

PHR Chairman Dennis A. Uy said, “Another achievement unlocked. 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 tentative start of the offer period is on 21 October and will run to 28 October, subject to the receipt of the SEC Permit to Sell on 20 October. The company has put the tentative listing date on 5 November 2020.

The net proceeds will be used to partially fund the construction of the first phase of Emerald Bay, the Company’s flagship integrated casino beach front resort in Mactan, Cebu. Emerald Bay will be the first integrated casino resort on Mactan Island with convenient access from the Cebu-Mactan International Airport (CMIA).

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 electronic gaming machines (“EGM”) and 270 hotel room bays. However, the management team is pushing for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting 2022.

PHR COO gaming veteran José Angel Sueiro further added, “We’ve continued to make steady progress in the construction of Emerald Bay. We look forward to seeing our first guests and investors when we open its first phase.”

PH Resorts has appointed Unicapital, Inc. and Abacus Capital and Investment Corporation as Lead and Co-Lead Underwriters, respectively, for this follow-on offering.

The public offer shall be subject to compliance with existing laws and regulations as well as the fulfilment of certain registration and listing conditions of the SEC and PSE by the Company.