Udenna Group, the owner of PH Resorts Group has announced raising US$12m for the beachfront Emerald Bay construction. It is a new integrated resort in Mactan, Cebu, through a series of share transactions.
Moreover, the company will sell 352,441,000 common shares in PH Resorts Group to buyers at Php1.70 per share.
“The Placing and Subscription Transaction also enables the company to raise capital in the most expeditious and efficient manner to partially fund the ongoing construction and development of the Emerald Bay Resort and Casino project,” the company stated.
Steelman Partners designed it, and it will open in the second quarter of 2022. Emerald Bay’s first phase will include 122 gaming tables with mass, premium mass, and junket options. It will also have 600 EGMs and 270 hotel rooms.