PH Resorts Chairman Dennis Uy said the company had reached a “significant milestone” towards the opening of its Emerald Bay integrated resort on Mactan Island after the Securities and Exchange Commission gave pre-effective approval for a P1.12 billion ($23 million) follow on share offer.
The net proceeds from the offer will partially finance the first phase of the property, which is targeted for completion in Q2, 2022. Management is hoping for a soft opening by the end of 2021.
The offer also increases PH’s public ownership levels from the current 10 percent, the company said in a filing with the Philippine Stock Exchange.
The resort, which is situated on a 300 metre-long stretch of beach, was designed by Steelman Partners. In its first phase, it will have 122 tables for mass, premium mass and junkets, 600 electronic gaming machines and 270 hotel rooms.
“Our location, in the largest urbanized area in the Visayas‐Mindanao region, close to a major international airport, the 7‐year exclusivity and the offering of a high‐quality vacation beach experience creates the perfect scenario for a successful integrated resort,” PH Chief Operating Officer Jose Angel Sueiro said.
PH Resorts has appointed Unicapital, Inc. and Abacus Capital and Investment Corporation as lead and co‐lead underwriters, respectively.