The Securities and Exchange Commission approved a change in the corporate name of Philippine H2O Ventures Corp. to PH Resorts Group Holdings Inc., which will be the resort and gaming company of businessman Dennis Uy.
Philippine H2O said in a disclosure to the stock exchange the SEC also approved an increase in the company’s authorized capital stock to P8 billion from P500 million.
The corporate regulator also approved the change in the primary purpose of the company to engage in the hotel or gaming and entertainment business.
“These amendments will enable the corporation to pursue a new line of business as a result of the recent change in majority ownership of the corporation,” Philippine H2O said.
Upon issuance of the shares that were subscribed in the increase of its authorized capital stock, the company will maintain a minimum public float of at least 10 percent. It will also issue shares to other unaffiliated and unrelated shareholders of the company.
Uy earlier said it planned to put up two casino ventures under PH Resorts. PH Resorts’ portfolio includes two integrated resort and casino projects, one in Mactan, Cebu, and another one in Clark, Pampanga.
Uy is currently building a $300-million casino project on a 12-hectare lot in Cebu called Lapu-Lapu Leisure Mactan.
It is finalising plans for a second casino in the 177-hectare Clark Global City within the Clark Freeport Zone in Pampanga. The project is slated for completion by 2022.
Philippine H20 in August filed with the SEC an application to sell up to 2.054 billion in common shares with an indicative offer price of up to P9 apiece to raise as much as P18.48 billion in proceeds and finance the construction of the two casinos,
The company has tapped China Banking Corp. and CLSA Ltd. as the underwriters of the follow-on offering.
The Uy-led Udenna Group earlier acquired 62 percent of the issued and outstanding capital stock of Philippine H2O under a share purchase agreement with Jolliville Holdings Corp.
Uy’s group controls several listed companies, namely Phoenix Petroleum Philippines Inc., Chelsea Logistics Holdings Corp., 2GO Group, Inc. and ISM Communications Corp.