PH RESORTS Group Holdings, Inc. (PHR) will conduct a P4.55-billion share swap with the leisure company of businessman Dennis A. Uy, as part of his group’s ongoing takeover of the firm.
PHR, formerly known as Philippine H2O Ventures Corp., said in a disclosure to the stock exchange on Tuesday that it will issue 4.14 billion shares valued at P4.55 billion in exchange for shares in PH Travel and Leisure Holdings Corp. (PHTLHC) held by Udenna Corp., Mr. Uy’s holding firm.
“The PHR shares exchanged for PHTLHC shares are transferred at fair value, as determined by a valuation report and fairness opinion issued by an independent firm,” the company said.
PHTLHC will also subscribe to a total of 406.38 million shares in PHR at P406.38 million to be paid in cash.
The share swap is in relation to the increase in PHR’s authorized capital stock to P8 billion from P500 million. The issuance will also ensure that the company will still comply with the 10% minimum public float for listed companies.
PHTLHC holds Mr. Uy’s tourism-related businesses. The group is currently developing an integrated resort and casino project in Lapu-Lapu City, Cebu, as well as another resort and casino project in Clark Global City, Pampanga. — Arra B. Francia