Dennis Uy's PH Resorts Group prices follow-on offering at P1.68 per share

Dennis Uy-led PH Resorts Group Holdings Inc. has priced its follow-on offering at P1.68 per share, to generate as much as P756 million for the partial construction of its Emerald Bay project.

In a regulatory filing on Monday, PH Resorts Group said its follow-on offering of up to 450 million primary common shares is scheduled to start on Wednesday, October 21, and will run until Wednesday, October 28, with the tentative listing date set on November 5, 2020.

"Another achievement unlocked. We are one day closer to our cherished dream of completing Emerald Bay. At the offer price, investors will be given a good opportunity to get in early at attractive valuation levels," said Uy, PHR chairman.

Net proceeds from the offering will be used to partially fund the construction of the first phase of the Emerald Bay, the company's flagship integrated casino beach front resort in Mactan, Cebu.

PH Resorts has tapped Unicapital Inc. as lead underwriter and Abacus Capital and Investment Corp. as co-lead underwriter for the offering, subject to compliance with registration and listing conditions of the Philippine Stock Exchange (PSE) and the Securties and Exchange Commission (SEC).

Just last month, PH Resorts was penalized by the PSE for its failure to disclose details of its acquisiton of Lapulapu Land Corp., which is undertaking the Emerald Bay project.

Emerald Bay will be constructed in two phases, with the first phase expected to be completed by the second quarter of 2022. This phase includes 122 gaming tables for mass, premium mass, and junkets; 600 electonic gaming machines and 270 hotel room bays.

The company, however, is pushing for a soft opening by the end of 2021, and targets to increase gaming capacity and hotel rooms starting 2022.

"We've continued to make steady progress in the construction of Emerald Bay. We look forward to seeing our first guests and investors when we open its first phase," said PHR chief operating officer Jose Angel Sueiro.  —KBK, GMA News