PH Resorts Group Holdings Inc., the leisure and gaming unit of Davao-based businessman Dennis Uy, has deferred its planned share sale.
“During the course of PHR’s roadshow and marketing efforts, it was presented with more strategically suitable alternative options for its funding needs. Thus, upon careful consideration of its business strategies, PHR has decided to defer its offering,” the company said in a letter to the Philippine Stock Exchange.
The gaming company, however, said it was still very keen on pursuing the share sale at a later time.
“We shall keep the PSE informed of PHR’s further plans once we have determined the new timetable for the offering,” the company said. The company earlier planned to conduct the share sale this month.
PHR plans to sell up to 2.054 billion common shares at a price of between P3.65 and P5.84 apiece.
PH Resorts at the current price range plans to raise between P7.5 billion and P12 billion in proceeds to fund the construction of two integrated resort and casino complexes.
The company hired CLSA Ltd. and UBS as international underwriters and China Banking Corp. as the the domestic lead underwriter for the offering.
PHR is currently developing two casino projects—The Emerald, an integrated resort and casino in Punta Engaño, Mactan Island, Cebu, and Clark Resort, an integrated gaming and tourism resort in Clark Freeport Zone.
The construction of The Emerald began in December 2017 and is expected to be completed by the third quarter of 2020.
The first phase is expected to have 7,585 square meters of aggregate gaming floor area, with 1,186 electronic gaming machines, 146 gaming tables, a five-star hotel with 838 rooms including five villas, a retail complex covering 8,000 square meters, a convention center and 18 restaurants.
The second phase is expected to have around 9,400 square meters of aggregate gaming floor area, a five-star hotel with 1,300 rooms and F&B and retail areas covering 5,700 square meters and 7,600 square meters, respectively.