Davao tycoon Dennis A. Uy is in discussions with AppleOne Properties.
The Philippines.- Davao tycoon Dennis A. Uy has reportedly found a potential buyer or majority investor for the Emerald Bay casino resort in Mactan, Cebu. According to a disclosure made to the Philippine Stock Exchange (PSE), his PH Resorts Group Holdings, has initiated negotiations through its subsidiaries, Lapulapu Leisure and Lapulapu Land Corporation, with Cebu-based real estate developer AppleOne Properties.
The discussions revolve around a non-exclusive and non-binding Memorandum of Understanding (MoU) that outlines broad parameters for AppleOne’s potential investment in the subsidiaries, with the intent of acquiring a majority equity stake or a purchase of the land and improvements related to the Emerald Bay Project.
The specifics of the investment and resulting ownership percentage remain subject to negotiations, which are to conclude within 60 days based on the MoU’s terms. PH Resorts disclosed that its subsidiaries have restructured their outstanding debt with China Banking Corporation. This covers certain land and improvements within Lapulapu City, Mactan, Cebu, spanning approximately 12.5 hectares.