Dennis Uy's PH Resorts Group sets final price for follow-on offer at P1.68

ABS-CBN News

Posted at Oct 19 2020 09:03 AM

Emerald Bay under construction as of September 2020/ Handout

MANILA - Dennis Uy's PH Resorts Group on Monday said it has priced its follow-on offering at P1.68 per share, nearly at the midrange of its indicative offer price of P1 to P2.50.

The Udenna Group’s gaming and hospitality subsidiary is offering up to 450 million primary common shares, inclusive of over allotment option. 

“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 PH Resorts Group chairman Dennis Uy. 

Offer period is tentatively set on October 21 to 28, subject to the receipt of the Securities and Exchange Commission's permit to sell, it said.

Listing date is on November 5. 

Net proceeds will be used to partially fund the completion of Emerald Bay, its flagship integrated casino beach front resort in Mactan Cebu. 

Emerald Bay will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022. Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines and 270 hotel room bays. 

It earlier said it is pushing for a soft opening by the end of 2021, and expects to increase its gaming capacity and hotel rooms starting 2022.

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PH Resorts Group Holdings Inc remained confident in the country's gaming and hospitality industry due to the country's location and target audience.