THE Securities and Exchange Commission (SEC) has given the greenlight for the P18.488-billion follow-on offering of PH Resorts Group Holdings, Inc. as well as BDO Leasing and Finance, Inc.’s (BDOLFI) plan to issue P15 billion worth of commercial papers.
In an e-mail sent to reporters on Thursday, the SEC said it has approved PH Resorts’ application to conduct a follow-on offering filed in August last year.
The company led by Davao-based businessman Dennis A. Uy plans to sell a total of 2.054 billion shares at up to P9 each. The offer consists of 1.786 billion shares as part of the primary offer, and 267.95 million shares for the stabilization related option.
PH Resorts looks to net P17.914 billion from the offering. This will be used for the company’s expansion, including the development of an integrated resort and casino in Mactan, an integrated resort in Pampanga, and the expansion of a hotel in Panglao, Bohol, among others.
The proceeds are estimated to be disbursed by March 2019, according to PH Resorts’ prospectus.
PH Resorts has named its Mactan integrated resort and casino as The Emerald, which it described as the first of its kind to be built outside Metro Manila. The Emerald will stand on a 13.5-hectare property in Lapu-Lapu City, and will consist of a main gaming area, non-gaming amenities, a 300-meter beachfront, fitness studio, and infinity pools, among others.
The casino is set to have an aggregate gaming floor area of about 7,585 square meters during the first phase, which will then be expanded by 9,400 sq.m. in the second phase. A five-star hotel that will offer about 1,300 rooms will also be built within the complex.
The Donatela Hotel in Panglao, Bohol is seen to complement The Emerald, which will offer a more family-oriented option that is close to the complex. PH Resorts plans to add 28 additional rooms to its existing 12 villas.
Meanwhile, Clark Resort will be a four-hectare integrated tourism resort complex in Clark Freeport Zone, Pampanga. It will feature a 7,500 sq.m. casino, retail outlet mall, and facilities for meetings, conventions and exhibitions. PH Resorts is pursuing this fund-raising activity after it entered the stock exchange through the backdoor last year.
BDO COMMERCIAL PAPERS
At the same time, the commission also approved BDOLFI’s registration statement for P15 billion worth of commercial papers.
BDOLFI tapped BDO Capital & Investment Corp. as the exclusive selling agent for the offering.
The commercial papers will be eligible for sale 365 days from the date of the commission’s approval, and will be available for sale from the selling agent. They will be sold at a minimum of P300,000 for each investor. Interest will depend on prevailing money market rates.
BDOLFI said it has an outstanding balance of P6.534 billion worth of commercial papers as of Sept. 30, 2018. — Arra B. Francia

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