PH Resorts Group Holdings Inc (PHR), the tourism and gaming arm of local billionaire Dennis Uy’s Udenna Group, has deferred a proposed Php18.5 billion follow-on offering that was to fund construction of two new casino resorts in the Philippines.
The company’s President, Raymundo Martin M Escalona, issued a press statement on Friday in which he said PHR had been presented with “more strategically suitable alternative options for its funding needs” during the course of recent roadshow and marketing efforts. The Philippines Securities and Exchange Commission had earlier this year approved PHR to proceed with the follow-on share offering.
The company said it is still hopes to pursue the offering in the future, with proceeds raised intended to fund the design, construction and development of the first phases of PHR’s two integrated casino resorts – the US$341 million Emerald Resort and Casino in Mactan, Cebu, which broke ground in December 2017, as well as Clark Resort on a site covering 13.5 hectares in the Clark Freeport Zone.
Uy acquired a 62% stake in PHR, formerly known as Philippine H20 Ventures Corp, in late 2018 in order to complete a backdoor listing, after which he changed the entity’s name and installed himself as Chairman.