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Dennis Uy’s PH Resorts gets SEC approval for follow-on offering

Ralf Rivas

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Dennis Uy’s PH Resorts gets SEC approval for follow-on offering
Net proceeds of PH Resorts' re-IPO will be used to fund the construction of Emerald Bay, an integrated casino and resort in Mactan, Cebu

Businessman Dennis Uy‘s gaming and hospitality company, PH Resorts Group Holdings, got the nod of state regulators for its P1.125-billion follow-on offer of common shares. 

PH Resorts said on Tuesday, September 22, that net proceeds of its “re-IPO” (initial public offering) will be used to partially fund the first phase of Emerald Bay, its flagship integrated casino and beachfront resort in Mactan, Cebu.

The follow-on offering, which is being pursued even as the coronavirus pandemic batters the tourism industry, would increase PH Resorts’ public ownership level from the current 10%.

Unicapital Incorporated and Abacus Capital and Investment Corporation were appointed as lead and co-lead underwriters, respectively.

Emerald Bay will be constructed in two phases, with the completion of the 1st phase targeted by the 2nd quarter of 2022. Upon completion, it will feature 122 gaming tables, 600 gaming machines, and 270 rooms. Soft opening is targeted by the end of 2021.

“Despite the ongoing COVID-19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens,” Uy said.

PH Resorts chief operating officer Jose Angel Suerio added that the project’s location is close to a major international airport and a beach.

PH Resorts entered the Philippine Stock Exchange (PSE) in 2018 through backdoor listing, or when a company takes over a publicly listed company.

Uy transformed H20 Ventures Corporation, a utility firm, into a hotel and gaming company.

Shares of PH Resorts inched up 1.4% on Tuesday, bucking the benchmark PSE index, which shed 0.3%. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.