PH Resorts successfully conducts top-up placement
MANILA, Philippines — PH Resorts Group Holdings, Inc. (PHR), the Udenna Group’s gaming and hospitality subsidiary, successfully conducted a top-up placement where it was able to raise P600 million from a select group of Qualified Buyers, as defined under the Securities Regulation Code.
The transaction consisted of approximately 352 million shares sold by PHR’s parent Udenna Corp. at P1.70 per share. With the proceeds, Udenna Corp. will then subscribe to the same number of shares to be issued by the Company at the same price, thereby injecting the funds into PHR.
The proceeds will be used for the continued construction of PHR’s flagship project, the Emerald Bay Resort & Casino in Mactan, Cebu.
The top-up placement was successfully consummated despite the re-imposition of the enhanced community quarantine (ECQ) restriction in the National Capital Region (NCR) and certain provinces adjacent to it as well as steadily rising COVID-19 cases nationwide.
“Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry. In fact, the participants in our top-up placement are existing shareholders and also participated in the Company’s follow-on offer (FOO) last November,” said PH Resorts COO gaming veteran Jose Angel Sueiro.
PHR appointed Unicapital, Inc, Abacus Capital and Investment Corporation, and China Bank Capital Corporation as placement agents for the transaction.
The company believes that with more of the population vaccinated in the coming months, there will be a resumption of both international and local flights, spurring a recovery in tourism in the Philippines and in the region.
Emerald Bay is scheduled to open by the third quarter of next year. 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.
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