The Securities and Exchange Commission approved the P1.125-billion share sale of PH Resorts Group Holdings Inc., the gaming and hospitality business of businessman Dennis Uy.
PH Resorts said in a disclosure to the stock exchange Tuesday the fund raising activity would enable it to partially finance the construction Emerald Bay, the company’s flagship integrated casino beach front resort in Mactan, Cebu. It will also widen its public float currently at 10 percent.
PH Resorts plans to offer as much as 300 million common shares with an over allotment option of up to 150 million common shares to be sold at an indicative offer price of between P1 and P2.50 each.
“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,” said PH Resorts chairman Dennis Uy said.