PH Resorts Group Holdings Inc., the listed hotel and gaming firm of Davao businessman Dennis Uy, will offer follow-on primary shares worth P18.5 billion to the public by the third week of March.
The firm disclosed on Friday, February 15, that it plans to list 1.79 billion common shares with an oversubscription of up to 267.95 million common shares. The offering is already registered with the Securities and Exchange Commission (SEC) and will be offered at P3.65 to P5.84 apiece.
The company confirmed with the Philippine Stock Exchange that it plans to use the proceeds of the share sale for the financing and construction of two casino complexes: The Emerald in Cebu and Clark Resort in Pampanga.
Uy is currently developing a $300-million casino project in Cebu called Lapu-Lapu Leisure Mactan andÂa $5-billion metropolis in Pampanga called Clark Global City. It is also expanding the Donatela Hotel, its upscale hotel in Bohol.
Formerly listed in the PSE Philippine H20 Ventures Corp., PH Resorts Group is the holding entity for all of the tourism-related businesses of Uy’s main holding company Udenna Corporation. This includes Lapu-Lapu Leisure Inc., Clark Grand Leisure Corp., and Donatela Hotel Panglao Corp.
Uy’s background in business traces back to Phoenix Petroleum Philippines, the first firm he listed at the PSE. Phoenix Petroleum held its initial public offering in July 2007. Ten years later, it has grownÂits completed and operating retail stations toÂa total of 530 all over the country.
From then Uy also ventured into shipping and logistics, which he did through a stake acquisition of 2GO Group Inc. in April 2017. All of Uy’s shipping and logistics businesses are consolidated under Chelsea Logistics Holdings Corp. (CLHC), which he also listed at the PSE in August 2017.
Uy, a known ally and one of the biggest campaign donors of President Rodrigo Duterte (who even personally attended the anniversary listing of Phoenix Petroleum in July 2017 at the PSE building in Makati, making him the first Philippine president to do so), only started to emerge as one of the country’s rising tycoons starting 2017.
Apart from successfully tapping into the shipping and logistics venture, he also acquired Enderun Colleges and the local operations of convenience store chain Family Mart.
PH Resorts Group hired CLSA Limited and UBS AG (Singapore branch) as the joint bookrunners of the offering. It also tapped China Bank Capital Corporation to serve as the domestic issue manager and domestic lead manager.
This story originally appeared on Esquiremag.ph.
* Minor edits have been made by the Entrepreneur.com.ph editors.