The casino developer has recently finished towers A and B at its flagship Emerald Bay casino resort.
The Philippines.- The Udenna Corporation has increased its stake in the Philippines casino developer PH Resorts Group Holdings.
In a filing to the Philippine Stock Exchange, the company confirmed it has raised its ownership from 82.28 per cent to 86.59 per cent. That’s an increase from 4.3bn shares to over 6bn.
In the latest transaction, PH Resorts Group issued 1,686,309,523 common shares at Php 1.68 (US$0.034) per share to Udenna Corporation, which paid a total of Php 2.83bn (US$58.9m) in two instalments.
The proceeds were used to partially fund and continue the construction of the company’s flagship project, Emerald Bay Resort & Casino, and to acquire Lapulapu Land Corp., the entity that owns the land where the property is situated.
With these changes, the public float of PH Resorts Group shares was reduced from 17.58 per cent to 13.3 per cent. Foreign ownership fell from 5.16 per cent to 3.91 per cent.
PH Resorts Group recently announced it has completed towers A and B at The Emerald Bay casino resort.
Emerald Bay is being constructed in two phases, with completion of the first phase expected for the second quarter of 2022. Once phase one is complete, Emerald Bay is expected to open with 122 gaming tables for the mass, premium-mass and junket segments along with 600 gaming machines and 270 hotel rooms.