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PH Resorts Group Holdings, Inc, the gaming and hospitality arm of Philippine conglomerate Udenna Corporation, says it has set the offer price for a continuation offering of up to 450 million primary common shares at Php1.68, representing a 32.8 % discount from the high end of its price range.
The offering is part of PH Resorts Group’s fundraising initiatives for the construction of Emerald Bay, a new integrated resort project underway in Mactan, Cebu. According to a press release on Monday, the tentative start date of the offer period is October 21, which will last for one week, subject to receipt of a permit from the SEC. The share price is scheduled for November 5.
“Another achievement unlocked,” said PH Resorts Group President Dennis Uy. “We are one day closer to our cherished dream of completing Emerald Bay. At the offer price, investors will have a good chance to enter attractive valuation levels early ”
The company has previously set its planned opening date at Emerald Bay for the second quarter of 2022, with hopes of a soft launch by the end of 2021.
The first phase of Emerald Bay will feature 122 gaming tables divided between masses, premium masses and junkets, in addition to 600 EGM and 270 bays of hotel rooms located along a 300-meter stretch of beachfront.
PH Resorts Group said it has a seven-year exclusivity agreement with the Lapu-Lapu city government that starts from the start of business operations.
