SEC approves PH Resorts P18.5 billion share sale

Dennis Uy-owned PH Resorts Group Holdings has been given approval from the SEC to raise P18.5 billion in order to fund the development of two casino resorts.

The SEC on Thursday approved an offering of up to 2.05 billion common shares of PH Resorts at P9 per share for a total consideration of P18.5 billion.

PH Resorts Group said funds raised from the net proceeds of the offer will be used to “fund the design, construction, and development of the first phase of The Emerald and Clark Resort; the expansion of the Donatela Hotel and for general corporate purposes.”

The company hopes to hold the share sale in the first quarter of this year.