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Dennis Uy prepares P18.5B follow-on offering for H20 Ventures to fund casino projects

 

Pihilippine H20 Ventures Inc., a company recently taken pver by Davao-bases businessman, is looking to raise up to P18.5 billion from a re-offering to bankroll its casino ventures.

Based on the registation statement filed with the Securities and Exchange Commission, H2O intends to offer as much as 2.05 billion common shares at a maximum price of P9 each share, The Manila Standard reported.

H2O ralled Monday with its stock soaring 24 percent to P6.45 apiece Monday as investors took positions ahead of the share sale.

China Banking Corp. and CLSA Ltd. Has been tapped as underwriters of for the follow-on offering.

To be renamed PH Resorts, H20 Ventures will house Uy’s tourism-related businesses which include two integrated resort and casino projects, one in Mactan, Cebu, and another one within the Clark Global City in Angeles, Pampanga.

H2O, however, noted it may change the terms of the following on offering or abandon it and pursue other modes of funding for its projects.

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