MANILA, Philippines – The Securities and Exchange Commission (SEC) approved Thursday an P18.5-billion follow-on offering planned by PH Resorts Group Holdings Inc. (PHR), a gaming business firm led by Davao-based businessman Dennis Uy.
Based on a registration statement filed with the SEC, PHR plans to offer 2.054 billion common shares at a maximum price of P9 per share.
The base offer consists of 1.786 billion shares but additional 267.94 million shares are earmarked for stabilization-related option.
PHR earlier gained backdoor ticket to the local stock exchange through Philippine H2O Ventures Corp. (H2O).
Proceeds will be used to fund the design, construction, and development of the first phase of The Emerald in Cebu and Clark Resort in Pampanga as well as the expansion of the Donatela Hotel in Palawan.
About 90 percent of the company’s shares are owned by Udenna Corp.//30
Source: Inquirer Business