The Philippines’ Securities and Exchange Commission (SEC) says it has approved the initial public offering (IPO) by Hann Holdings Inc, the holding company and parent of Hann Philippines Inc.
“In its meeting on July 17, the Commission En Banc resolved to render effective the registration statement of Hann Holdings covering up to 2,500,003,000 common shares, subject to the company’s compliance with certain remaining requirements,” stated the regulator in a Friday announcement.
Hann Philippines runs the Hann Casino Resort (pictured) at Clark Freeport Zone, and is developing the Hann Reserve property at New Clark City, in the province of Pampanga. The first facility at Hann Reserve – a golf course designed by former world number-one-ranked golfer Nick Faldo – is expected to open by the end of this year.
According to the SEC’s press release, Hann Holdings is expected to raise up to PHP11.43 billion (US$199.9 million) from the primary offer. The funds are said to be “used for capital expenditures to fund development and expansion plans, and general corporate purposes” of Hann Philippines.
The offer period will run from September 9 to 15, “in time for listing on the main board of the Philippine Stock Exchange on September 23”, according to the timetable submitted to the SEC by the casino developer.
The SEC update said Hann Holdings will offer to the public up to 500,001,000 primary firm offers shares, priced at PHP23.60 each.
“The offer includes an overallotment option of up to 50,001,000 shares to be offered at the same price by the company’s selling shareholder, Hann Group Holdings W.L.L,” it added.
In a recent interview with GGRAsia, Daesik Han, chairman and chief executive of Hann Philippines, said the company had a “very strong first-mover advantage” in the Clark market.
Mr Han also revealed that the company had decided to develop its announced InterContinental hotel as part of the expansion of the group’s existing Hann Casino Resort, instead of at the under-construction Hann Reserve property.
The firm expects to complete the InterContinental-branded hotel – with about 350 rooms – “by 2029”.
The Hann Casino Resort expansion also includes the construction of a 640-room hotel under the Novotel brand, according to the chairman. The existing complex offers 865 hotel rooms under the Swissôtel, Marriott, and Widus brands. It features a casino with 200 gaming tables and electronic games, and more than 1,000 slot machines.
The group said the casino expansion consists of two new floors. The first floor will feature 35 gaming tables, and an additional 450 slot machines, along with two more restaurants. The second floor – dedicated to private gaming, and with a new restaurant – will include 30 gaming tables, and 140 slot machines.
The Hann Reserve project will feature three 18-hole courses, several upmarket hotels, villas, and a casino. The project will also feature a “commercial centre”, residences, and an international school, according to its promoter.
The firm has already announced a number of hotel brands for Hann Reserve, including the So, Sofitel and Emblems by French hospitality group Accor SA; The Luxury Collection and Westin brands by Marriott International Inc; and a Banyan Tree-branded hotel.
