Dennis Uy's PH Resorts penalized over Lapulapu Land disclosure failure

PH Resorts Group Holdings Inc. (PHR), led by Davao-based businessman Dennis Uy, was penalized by the local bourse for its failure to disclose details of its acquisition of Lapulapu Land Corp.

In a regulatory filing on Monday, the Philippine Stock Exchange (PSE) said PH Resorts Group was penalized for three violations:

• the delayed disclosure of the approval by the Securities and Exchange Commission of the amendments to its Articles of Incorporation and By-Laws;
• non-disclosure of the details and the terms and conditions of the acquisition of Lapulapu Land Corp.; and
• the non-disclosure of the approval by its Board of Directors of the subscriptions of PHR shares by unaffiliated and unrelated investors.

The PSE did not detail the penalties it sanctioned on PHR.

PHR, formerly Philippine H20 Ventures Corp., became a subsidiary of the Udenna Development Corp. in 2018 through the sale and purchase agreement with its former parent entity Jolliville Holdings Corp.

It has one subsidiary, PH Travel and Leisure Holdings Corp., the holding company for the gaming and hospitality arm of the Udenna Group.

PH Travel holds ownership interest in LapuLapu Leisure Inc., the developer of Emerald Bay integrated tourism resort in Mactan, Cebu.

The Emerald Bay will be located on a 13.5-hectare site located on the Punta Engaño peninsula of Mactan Island.

The first phase of the project is expected to have approximately 7,585 square meters of aggregate gaming floor area, with approximately 1,186 electronic gaming machines, approximately 146 gaming tables.

It will also have a five-star hotel with approximately 838 rooms, including five villas, a retail complex covering an approximate area of 8,000 square meters, a convention center, and 18 restaurants. — By JON VIKTOR D. CABUENAS, GMA News

Source: Peso Economics