PH Resorts Group, the gaming and hospitality arm of Philippines conglomerate Udenna Group has described the successful completion of a share placement offer as a clear sign that investors are confident the industry will rebound strongly from the impact of the COVID-19 pandemic.
The company last week announced a series of placing and subscription transactions, including an offer of 352,441,000 newly issued common shares aimed at boosting its coffers to the tune of Php599.1 million (US$11.9 million).
On Friday, PH Resorts Group confirmed it had successfully completed the offer, raising enough funds from qualified buyers top continue development of the Emerald Bay Resort & Casino in Mactan, Cebu.
It also noted that the top-up placement was successfully consummated despite the reimposition of Enhanced Community Quarantine (ECQ) measures in the National Capital Region (NCR) and nearby due to the nation’s ongoing battle with COVID-19.
“Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry,” said PH Resorts COO Jose Ángel Sueiro.
“In fact, the participants in our top-up placement are existing shareholders and also participated in the Company’s follow-on offer (FOO) last November.”
PH Resorts Group added that it expects to see a resumption of both international and local flights, spurring a recovery in tourism in the Philippines and in the region, as vaccination rates rise in the coming months.
Phase 1 of Emerald Bay, due to open in 3Q22, will feature 122 gaming tables, 600 electronic gaming machines (EGM) and 270 hotel rooms.