PH Resorts welcomes new foreign shareholder

UDENNA Corp (“UDENNA” or the “Company”), the corporate parent of PH Resorts Group Holdings, Inc (“PHR”) recently sold existing shares to a foreign institutional fund making it a new shareholder of PHR.

PH Resorts is UDENNA’s gaming and hospitality subsidiary currently constructing its flagship project, the Emerald Bay Resort & Casino in Mactan, Cebu.

ADVERTISEMENT

The transaction consisted of approximately 179 million shares sold by Udenna Corp for a total transaction amount of P302 million. It was executed as a special block sale last Monday, 23 August 2021.

UDENNA Corp. remains the largest single shareholder of PHR with its equity ownership going down from 82.40% to 79.95%. On the other hand, even with the entry of the new foreign shareholder, PHR’s foreign ownership level remained at 3.59%.

To know more about this news, check out: https://businessmirror.com.ph/2021/08/30/ph-resorts-welcomes-new-foreign-shareholder/