Hann Holdings gets green light for IPO
The company said it would use the proceeds to fund its expansion plans in Clark.
The Philippines.- Hann Holdings, the company which runs the Hann Resorts at Clark Freeport Zone and is developing the Hann Reserve property at New Clark City, has secured the approval from the Philippine Securities and Exchange Commission (SEC) to launch its PHP11.43bn (US$203m) initial public offering (IPO).
The SEC confirmed that the registration covering up to 2.5 billion common shares had been rendered effective, pending the company’s compliance with several remaining requirements. According to the timeline submitted to the regulator, the IPO on the Philippine Stock Exchange is expected on September 23 after an offer period running from September 9 to 15.
The company plans to offer 500 million primary shares to the public at PHP23.60 (US$0.42) each, including an overallotment option of up to 50 million shares from existing shareholder Hann Group Holdings WLL. Funds will be used for capital expenditures for development and expansion plans and general corporate purposes of Hann Philippines.
Hann Resorts operates 147 gaming tables, 868 slot machines, two VIP clubs and two five-star hotels in a former US military air base in Pampanga province. Last July, the company signed a franchise agreement with IHG Hotels & Resorts (IHG) to add an InterContinental hotel. Construction of the 250-room hotel will begin in 2027 for a 2031 opening. Facilities are to include two restaurants and two bars, meeting spaces for 600 people, a Club InterContinental Lounge, spa, pool and a retail outlet.
