Plan to raise PHP18.5 (US$345.4M)
Udenna Corp., the Philippines holding company of billionaire Dennis Uy, hopes to sell up to 2.054 billion common shares in its recently acquired Philippine H2O Ventures Corp. Udenna hopes the sale will raise up to PHP18.5 billion (US$345.4 million) to fund its entry into the casino resort business.
The proceeds have been tentatively earmarked for the company’s US$341 million Emerald Resort and Casino in Mactan, Cebu, which broke ground in December, and a US$200 million casino resort project planned for Clark Global City in the Clark Freeport Zone, reported Inside Asian Gaming. In a filing to the Philippine Stock Exchange, Udenna noted that “the asset injection is not yet complete and the aforementioned casino projects are not yet owned by the corporation as of this time.”
Udenna has not yet completed the rebrand of Philippine H2O to PH Resorts Inc., which will become the holding entity for Uy’s tourism and casino projects. The company added that its “capital-raising plan is not yet final as of this time and the corporation may resolve to change the terms of the following on offering or abandon it and pursue other modes of funding for its projects.”
Emerald Resort and Casino is being built on 12.5 hectares (31 acres) of “prime beachfront property” in Lapu-Lapu City. It is scheduled to be complete in 2020.
