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PSE APPROVES PH RESORTS PROPOSED FOLLOW-ON OFFER EXERCISE

PH Resorts Group Holdings, Inc. (PHR), the Udenna Group’s tourism and gaming business firm, secured the approval of the Philippine Stock Exchange (PSE) on its proposed follow-on offering of primary shares. This comes after the Securities and Exchange Commission’s (SEC) approval last January 24, 2019.

The approvals secured provide that PHR may sell up to 1.786 billion in common shares, with an additional of up to 267.95 million shares earmarked for the stabilization related option.

Proceeds of the offering are expected primarily 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, with any excess proceeds to be used for financing expansion of the Donatela Hotel in Panglao, Bohol, as well as general corporate purposes. Subject to market conditions, pricing of the proposed offering is expected after the conclusion of a global roadshow that began yesterday.

Chairman of PH Resorts Group Holdings, Inc., Dennis Uy, said the approval of the SEC and PSE takes the firm closer to its aim to heighten the country’s competitiveness in the tourism and gaming industry.

“The Emerald and Clark Resort are envisioned to be world-class premium tourism projects aimed at attracting local and international tourists. The same goal is reflected in our expansion of the Donatela Hotel,” he said.

The company has mandated CLSA Ltd. and UBS AG’s Singapore branch as the international underwriters, while China Bank Capital Corporation has been mandated as the domestic lead underwriter of the proposed offering.

 

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ABOUT THE UDENNA GROUP

Incorporated on March 19, 2002, Udenna Corporation is at the helm of the diversified business interests of the Udenna Group in petroleum and oil through Phoenix Petroleum; shipping and logistics through Chelsea Logistics; real estate through Udenna Development; education through Enderun Colleges; and infrastructure through Udenna Infrastructure, among others.

The Udenna Group has exponentially grown for over 15 years. It successfully listed Phoenix Petroleum Philippines, Inc. and Chelsea Logistics Holdings Corp. on the Philippine Stock Exchange in 2007 and 2017, respectively.

PHR is the holding entity for the tourism-related businesses of the Udenna Group which includes, among others, the integrated resort and casino projects in Lapu-Lapu City, Cebu and Clark Global City in Angeles, Pampanga.

 

This communication is not an offer of securities for sale in the United States or elsewhere. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may only be offered or sold in the United States to “qualified institutional buyers” pursuant to Rule 144A under the Securities Act or outside the United States in offshore transactions pursuant to Regulation S under the Securities Act, or pursuant to another exemption from, or transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. There will be no public offering of any securities referred to herein in the United States. Any offers of the securities referred to herein will be made only by means of an offering circular relating to such securities. 

Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.  No money, securities or other consideration is being solicited by this communication or the information contained herein and, if sent in response to this communication or the information contained herein, will not be accepted.

 

A REGISTRATION STATEMENT RELATING TO SECURITIES OF THE COMPANY HAS BEEN FILED WITH THE PHILIPPINE SECURITIES AND EXCHANGE COMMISSION, BUT HAS NOT YET BEEN DECLARED EFFECTIVE. THESE SECURITIES MAY NOT BE SOLD NOR OFFERS TO BUY THEM BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT HAS BECOME EFFECTIVE. THIS COMMUNICATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR BE CONSIDERED A SOLICITATION OF AN OFFER TO BUY.