Udenna one step closer to listing Philippine casino assets
PH Resorts Holdings Group Inc (PHR), a subsidiary of Udenna Corp of the Philippines, will issue just over PHP4.55 billion (US$85.8 million) of new shares, some of which it will swap to take control of prospective casino operator PH Travel and Leisure Holdings Corp (PHTLHC) – which is another Udenna subsidiary – and to raise cash.
Last Wednesday, the Philippine Securities and Exchange Commission gave privately owned Udenna the go-ahead to use PHR, which is listed, as a vehicle for floating equity in tourism assets held by PHTLHC, including casino resort projects in the central and northern Philippines.
PHR told the Philippine Stock Exchange on Tuesday that it would issue more than 4.14 billion shares in exchange for shares in PHTLHC and nearly 406.38 million shares in exchange for cash. PHR said the share issue would ensure that a legally sufficient proportion of its stock was floated publicly.
The Philippine SEC has given PHR permission to increase its capital to PHP8 billion from PHP500 million.
PHTLHC has plans to run one casino resort, called Lapu-Lapu Leisure Mactan, in the central Philippine province of Cebu, and to run another in the northern province of Pampanga, in the Clark Freeport Zone. The projected completion date is 2022.
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