Udenna Corp – a privately-held conglomerate led by Filipino entrepreneur Dennis Uy – has seen its plans to use a subsidiary as a vehicle to list its tourism ventures, including a casino resort in Cebu and one in Pampanga province, approved by the country’s Securities and Exchange Commission.
The subsidiary – Philippine Stock Exchange-listed Philippine H2O Ventures Corp – issued a written statement on Wednesday, saying the commission had approved plans by the firm to change its name to PH Resorts Group Holdings Inc, and to amend its primary business purpose to “hotel and/or gaming and entertainment”.
The Securities and Exchange Commission also authorised an increase of the capital stock of the firm from PHP500 million (US$9.5 million) to PHP8 billion.
H2O Ventures had previously announced that PH Resorts would run a casino resort project called Lapu-Lapu Leisure Mactan on Mactan island, in the central Philippine province of Cebu.
The second casino resort scheme would reportedly be at Clark Global City in the Clark Freeport Zone in Pampanga. The projected completion date is 2022.
Earlier this year, Udenna acquiref 62 percent of H2O Ventures. Mr Uy was elected chairman of the group in June.
According to a story published in May this year by Bloomberg, Mr Uy is a supporter of the nation’s leader, President Rodrigo Duterte.
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