Philippine H2O Ventures Corp. is transforming into an active player in the tourism sector, as it takes on the tourism-related businesses of the Udenna Group.
In its annual stockholders’ meeting on June 25, the publicly listed company received approval to change, among others, its name to PH Resorts Group Holdings, Inc. and primary purpose to engage in real estate development.
PH Resorts will house the tourism-related businesses of the Udenna Group. Its portfolio will include Emerald, a $300-million integrated resort and casino in Mactan, Cebu as well as Clark Field Leisure Resort, which will rise within the Clark Global City in Angeles, Pampanga.
“As we foray deeper in the tourism sector, we hope to usher in a new era of growth for H2O Ventures and our stakeholders,” Udenna Founder and Chairman Dennis A. Uy said.
“At the same time, we look forward to supporting the development of the tourism sector, which serves as one of our economy’s growth pillars,” added Mr. Uy, who was elected chairman to H20 Ventures’ board of directors.
Joining Mr. Uy on the board are Raymundo Martin Escalona (who concurrently serve as president); Jose Angel Sueiro (chief operating officer) Cherylyn C. Uy (treasurer); and Lara C. Lorenzana (chief financial officer). Eric O. Recto and Bill Yap serve as independent directors.
Stockholders also approved the expansion of H2O Ventures’ authorized capital stock to P8 billion from P500 million, the subscription to the increase and the conduct of an equity offering.
The Udenna Group earlier acquired 62% of the issued and outstanding capital of H2O Ventures under a share purchase agreement with Jolliville Holdings Corporation along with its subsidiaries and related parties.
H2O Ventures counts as the fourth publicly listed company of Udenna, which also controls Phoenix Petroleum Philippines, Inc., Chelsea Logistics Holdings Corp. and 2GO Group, Inc.
“PH Resorts will allow the Udenna Group to further expand in the tourism sector; create stronger synergies among our businesses, including our real estate, hospitality and shipping groups; and contribute bigger to our economy,” Mr. Uy said.
ABOUT THE COMPANY
Udenna Corporation was incorporated in the Philippines on March 19, 2002. It is the holding company of one of the country’s fastest-growing conglomerates, with diverse business interests in petroleum and oil through Phoenix Petroleum; shipping and logistics through Chelsea Logistics and 2GO; real estate through Udenna Development; education through Enderun Colleges; and convenience stores through FamilyMart, among others. Phoenix Petroleum Philippines, Inc. and Chelsea Logistics Holdings Corp. are listed on the Philippine Stock Exchange.