PH Resorts’ follow- on offer priced at P1.68 per share

LISTED PH Resorts Group Holdings Inc. (PHR) on Monday said it set the final price of its 450-million primary common shares follow-on offering at P1.68 apiece.

In a disclosure, the gaming and hospitality subsidiary of the Udenna Group said the offer period is eyed from October 21 to 28, while tentative listing date is on November 5.

“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 PHR Chairman Dennis Uy in the statement.

The company could raise as much as P756 million from the offer, which would be used to partially fund the construction of the first phase of their flagship casino beach resort in Mactan, Cebu.

Emerald Bay would serve as the first integrated casino resort in Mactan with convenient access from the Cebu-Mactan International Airport.

The first phase — out of two — of the project is expected to be completed by the second quarter of 2022, but the company said they are pushing for soft opening by the end of 2021 and looks to increase its gaming capacity and hotel rooms by 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,” PHR Chief Operating Officer José Angel Sueiro said in the same statement.

Unicapital Inc. and Abacus Capital and Investment Corp. were tapped as lead and co-lead underwriters for the transaction.

Shares of PHR declined by 15 centavos or 5.58 percent to close at P2.54 apiece on Monday.