PH Resorts is in discussions over the sale of majority stakes in Lapulapu Leisure and Lapulapu Land.
The Philippines.- PH Resorts Group Holdings says it is in discussions with regarding the potential sale of majority stakes in two subsidiaries. Dennis Uy’s company has announced that Lapulapu Leisure and Lapulapu Land have signed a memorandum of understanding (MoU) with AppleOne Properties.
The MoU outlines AppleOne’s intention to acquire majority equity interests in the subsidiaries or purchase the land and improvements of the Emerald Bay Project. The IR is situated in Punta Engano, Lapu-Lapu City, Cebu, and has 146 gaming tables, 729 electronic gaming machines (EGMs), 780 hotel room bays and five villas.
The strategic move aligns with PH Resorts’ statement in July about talks with local and foreign investors to expedite the completion and opening of the Emerald Bay project. The non-exclusive nature of the MoU allows PH Resorts to explore discussions with other parties.
PH Resorts recorded a net loss of PHP2.2bn for the nine months ending in September.