Philippine H2O Ventures Corporation, a subsidiary of Udenna Corporation, says it is planning to raise P18.5 billion (about US$352 million) in capital in order to fund its upcoming casino projects.
Said projects include a US$300 million casino development called Lapu-Lapu Leisure Mactan in Cebu, as well as a second casino in Clark Global City in the Clark Freeport Zone in Pampanga, due for completion in 2022.
The company, however, said it is currently still waiting for approval from the Securities and Exchange Commission and the Philippine Stock Exchange to offer these shares to the public, and has stressed that the capital raising plan is not yet final at this time.
The company has also noted that the casino projects mentioned are not yet owned by the corporation.
Philippine H2O Ventures Corp is a water utility business which was acquired by Philippine businessman Dennis Uy earlier this year.
The company is set to change its name to PH Resorts Group Holdings, Inc. to reflect its change in focus to the tourism and hospitality business. (AGB)