PH Resorts sets price for a follow-on offering

The gaming company has set the price for a follow-on offering as part of fundraising to complete its Emerald Bay project.

Philippines.- Gaming and hospitality firm PH Resorts Group Holdings, part of the conglomerate Udenna Corporation, has announced it has set an offer price for a follow-on offering of up to 450 million primary common shares to raise funds for its Emerald Bay project.

It has priced the offering at Php1.68 per share, a 32.8 per cent discount from the top end of its price range.

PH Resorts Group intends to raise funds for the construction of Emerald Bay, a new integrated resort project underway in Mactan, Cebu.

The company said the tentative start date for the offer period is October 21, to run for one week subject to the receipt of an SEC Permit. Listing of shares is scheduled for November 5.

PH Resorts Group Chairman Dennis 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 first phase of Emerald Bay, which is expected to open in 2022 after a soft launch at the end of 2021, will feature 122 gaming tables split between mass, premium mass and junkets, plus 600 EGMs and 270 hotel room bays located alongside a 300-metre strip of beachfront.

PH Resorts Group said it holds a seven-year exclusivity agreement with the City Government of Lapu‐Lapu.