The Philippines Securities and Exchange Commission (SEC) has given the green light to local businessman Dennis Uy’s plan to transform water utility business Philippine H20 Ventures Corp into a new tourism and gaming vehicle, with the venture’s portfolio to include integrated resort projects in Cebu and Pampagna.
The company revealed on Wednesday that it had been granted approval by the SEC earlier this week to change its name to PH Resorts Group Holdings and its primary purpose to “the hotel and/or gaming and entertainment business.”
Uy’s holding company, Udenna Corporation, acquired a 62% stake in Philippine H20 Ventures Corp in June with Uy appointed Chairman soon after.
The backdoor listing comes after Udenna was granted a provisional license by Philippines gaming regulator PAGCOR to build and operate the country’s first privately owned integrated resort outside of Metro Manila, with ground broken on the US$341 million Emerald Resort and Casino in Mactan, Cebu, last December. The resort, designed by renowned casino architect Paul Steelman, will target both foreign and local players with a particular focus on Chinese and Koreans.
Udenna is also looking to invest another US$200 million into a casino resort at Clark Global City in the Clark Freeport Zone.
After taking control of Philippine H20 Ventures Corp earlier this year, Uy said that the newly named PH Resorts Group Holdings “will allow the Udenna Group to take advantage of the many opportunities in the tourism sector; create stronger synergies among our existing businesses and make more meaningful contributions to the Philippine economy.”
The company is also set to increase its capitalization from Php500 million to Php8 billion.