PH Resorts Holdings Inc., the gambling unit of Davao businessman Dennis Uy, has set the price of its follow-on offering at P1.68 per share, reducing its proceeds to less than P1 billion.
The said price was at the lower band of its price range of P1 to P2.50 per share. It also reduces its proceeds to P756 million from P1.12 billion.
The company is offering 300 million in common shares and an over-allotment option of up to 150 million common shares, with a par value of P1 per share.
PH Resorts offer price is also lower than its stock price close on Monday at P2.54 per share.
The tentative start of the offer period is on October 21 and will run through October 28.
The company has also moved its tentative listing date to November 5, from the previously announced November 3 listing.
The net proceeds will be used to partially fund the construction of the first phase of Emerald Bay, the company’s flagship integrated casino beach front resort in Mactan, Cebu.
Emerald Bay, a P24.2-billion project, will be the first integrated casino resort on Mactan Island with access from the Cebu-Mactan International Airport.
The gambling site will be constructed in two phases, with the targeted completion of the first phase by the second quarter of 2022. Upon completion of the first phase, Emerald Bay will feature 122 gaming tables for mass, premium mass and junkets; 600 electronic gaming machines and 270 hotel room bays.
“Another achievement unlocked. We are one day closer to our cherished dream of completing Emerald Bay. At the offer price, investors will be given a good opportunity to get in early at attractive valuation levels,” Uy said in a statement.
Unicapital Inc. and Abacus Capital and Investment Corp. were appointed as lead and co-lead underwriters, respectively, for the follow-on offering.