PH Resorts Group Holdings Inc. (PSE: PHR), the Udenna Group’s tourism and gaming business firm, defers its follow-on-offering (FOO), after its recent investment initiatives and careful consideration of its business strategies.
“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, PHR has decided to defer its Offering,” PHR President Raymundo Martin M. Escalona said in a press statement.
Originally priced at PhP3.65 to PhP5.84 apiece, proceeds of the sale are intended to fund the design, construction, and development of the first phases of PHR’s two integrated casino resorts, The Emerald in Mactan, Cebu, and Clark Resort in Pampanga. A portion, on the other hand, will finance the expansion of the Donatela Hotel in Panglao, Bohol, and the rest will go to general corporate purposes.
Albeit insights for alternative options for its funding needs, the company stresses that it is still eager in pursuing the Offering and fully intends to resume its FOO at the most apt time.
“We shall keep the PSE informed of PHR’s further plans once we have determined the new timetable for the Offering,” Escalona concludes.