PH Resorts Group, the gaming and hospitality arm of Philippines business conglomerate Udenna Group, has entered into a series of share transactions that will see it rapidly raise US$12 million for the ongoing development of its new integrated resort, Emerald Bay, in Cebu.
The placing and subscription transactions will see Udenna offer and sell 352,441,000 common shares it currently holds in PH Resorts Group to certain qualified buyers at a price of Php1.70 per share for a total transaction price of Php599.1 million (US$11.9 million).
Udenna will then subscribe to another 352,441,000 newly issued common shares in PH Resorts Group at the same price of Php1.70 per share, providing the gaming firm with gross proceeds of Php599.1 million.
The Placing and Subscription Transaction allows the company to raise capital in a most expeditious and efficient manner to partially fund the ongoing construction and development of Emerald Bay Resort and Casino project, PH Resorts Group said.
Phase 1 of Emerald Bay, due to open in 2Q22, will feature 122 gaming tables, 600 electronic gaming machines (EGM) and 270 hotel rooms.