The issuance of the 1.69 billion common stock in behalf of Udenna Corp. was approved by PH RESORTS Company Holdings, Inc. (PHR).
PHR said in a statement on Monday that the gaming and hospitality subsidiary of Udenna Group will issue additional stock deposits of each stock at P1.68 or the same rates as the following stock offering prices of the share prices mentioned last November 5.
The contract conditions were overwhelmingly accepted by the related party transaction committee comprising three PHR executives.
The group also has confirmed that Towers A and B of Emerald Bay, its leading beach resort in Mactan, Cebu, has been built.
It is to be designed in two stages, and in the first phase the second quarter of 2022 is to be finished.
“Whilst we anticipate the significant recovery in the tourism and gaming sector of the country, our schedule prepares the completion of the first phase of the Emerald Bay,” said President Dennis A. Uy of PHR.
In an interview with ANC on Monday she said that she sees the Uy-led project as the long-term bet and the Mactán project was not yet expected to finish. April, Lynn C. Lee Tan, vice president and head of analysis at COL Financial Company, Inc.
“It’s a fantastic idea, except it’s going to take time and a lot of funding is needed. I can not however see the injection as a negativity because, obviously in this moment in period in which it is a little more complicated to borrow funds, the business wants capital infusion, and there is some doubt as to how the project can operate after the doors are raised.”