PH Resorts Group sets final price for follow-on share offer
PH Resorts Group Holdings, Inc, has priced its follow-on offering at Php1.68 ($0.035) per share, representing a 33% decrease from the top-end of its price range.
A subsidiary of Philippines conglomerate Udenna Corporation, PH Resorts Group is offering up to 450 million primary common shares, with its price of P1.68 around the middle mark of its indicative offer price of P1 to P2.50.
The offer period is set to start on 21 October, while listing of shares is scheduled for 5 November.
The offering represents part of the company’s bid to raise funds for the construction of its new Emerald Bay resort, which is already underway in Mactan.
“Another achievement unlocked,” said PH Resorts Group Chairman Dennis Uy.
“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.”
The resort has a soft launch date of the end of 2021, with a planned opening date for the second quarter of 2022.
It aims to have 122 gaming tables, 600 electronic gaming machines and 270 hotel room bays, among various other features to be located on the 300 metre beachfront.
A seven-year agreement with the City Government of Lapu-Lapu will reportedly commence from the beginning of commercial operations at the resort.
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