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PH Resorts’ $ 23 Million Continuation Offer Gets Initial SEC Approval
PH Resorts Group Holdings Inc, a Philippine publicly traded firm controlled by local businessman Dennis Uy, says it has obtained “pre-approval” from the country’s Securities and Exchange Commission (SEC) for PHP1.125 billion ( Follow-up offering of US $ 23.2 million) of its common shares.
The net proceeds for the year will be used to partially finance the completion of the first phase of the under-construction project of the company’s Emerald Bay casino complex (pictured Sept. 9), located in Mactan, Cebu.
The follow-up share offering will also increase PH Resorts Group’s public ownership from its current level of 10 percent, said a statement Monday, filed on the Manila Stock Exchange.
The firm has designated Unicapital Inc, and Abacus Capital and Investment Corp as its primary underwriters and co-leads respectively, for its continuation offering.
Mr. Uy was quoted in the announcement as saying that the regulator’s preliminary approval for the exercise represented “another milestone on the road to completing Emerald Bay.”
The document reiterated that Emerald Bay was being developed in two phases. Once the first is completed, the company expects it to be the second quarter of 2022 – the place will have a total of 122 gaming tables for massive games, massive premiums and exit markets; plus 600 arcade machines and what the ad called “270 hotel room bays.”
PH Resorts Group said in the statement that its management was “pushing for” a smooth opening of the resort casino project by “the end of 2021.”
The company said it had a seven-year “exclusivity agreement” with the Lapu-Lapu city government for the Emerald Bay project. It would start from the moment commercial operations begin, the statement added.
“Our location, in the largest urbanized area in the Visayas-Mindanao region, close to a major international airport; the seven-year exclusivity; and offering a high-quality beach vacation experience creates the perfect setting for a successful integrated resort, ”said the group’s chief operating officer, José Angel Sueiro, as quoted in Monday’s statement.
The Emerald Bay project eventually host 146 gaming tables and 729 electronic gaming machines, as well as 780 hotel room bays and five villas, PH Resorts Group said in a July statement. In May of last year, the company had indicated that would spend $ 600 million in the Cebu casino complex project.
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