“During the course of PHR’s roadshow and marketing efforts, it was presented with more strategically suitable alternative options for its funding needs. Thus, upon careful consideration, PHR has decided to defer its Offering,” PHR President Raymundo Martin M. Escalona said in a press statement.
Originally priced at Php 3.65 to 5.84 apiece, proceeds of the sale are intended 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. A portion, on the other hand, will finance the expansion of the Donatela Hotel in Panglao, Bohol, and the rest will go to general corporate purposes.
Albeit insights for alternative options for its funding needs, the company stresses that it is still eager in pursuing the Offering and fully intends to resume its FOO at the most apt time.
“We shall keep the PSE informed of PHR’s further plans once we have determined the new timetable for the Offering,” Escalona concludes.
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.
Attorney Tamano said further that, “as law abiding citizens who respect the democratic electoral process, we take these allegations very seriously. In fact, we have instructed our security and legal teams to investigate this matter, specifically on who are the persons making these ridiculous claims. We are considering filing civil and/or criminal cases, if necessary, to protect the reputation of Mr. Dennis Uy and the Udenna Group”