Ph Resorts Group Will Attract 12 Million Dollars For The Development Of Emerald Bay By Placring Shares
Ph resorts group, gambling and hotel division of the philippine business conglomerate udenna group, entered into a series of transactions with shares that will quickly attract $ 12 million for the ongoing development of its new integrated emerald bay resort in cebu.
During the placement and subscription operations, udenna will offer and sell 352,441,000 ordinary shares, which it currently owns in the phue resorts group, to certain qualified buyers at a price of 1.70 pesos per share for a total of 599.1 million peso (11, 9 million us dollars).
Then, 1052,441,000 recently released ph resorts group recently released by the same price of 1.70 ph sterling per share, which will provide a gaming company gross revenue in the amount of 599.1 million peso.
"The placement and subscription transaction allows the company as quickly and effectively attract capital to partially finance the emerald bay resort and casino project," said resorts group.
At the first phase of emerald bay, which will open in 2022, there will be 122 game tables, 600 electronic slot machines (egm) and 270 hotel rooms.
Source: inside asian gaming