PH Resorts Group Holdings Inc., led by businessman Dennis Uy, will boost its authorized capital stock to P20 billion—more than double the current P8 billion—to wipe out its capital deficit and restore positive shareholder equity in two years.
The plan, disclosed Wednesday to the Philippine Stock Exchange, centers on moving operating unit PH Travel and Leisure Holdings to parent Udenna Corp. in exchange for settling what PH Resorts owes Udenna. This separation will cut liabilities and streamline the firm into a leaner holding company.
Udenna’s ongoing financial backing, lower overhead, and pursuit of value-boosting deals will further support the turnaround. PH Travel holds key assets including the Mactan casino project and Davao-area properties.
The timeline depends on final agreements, shareholder and regulatory approvals, and market conditions; success is not guaranteed. New Davao and Samal Island developments are also being lined up as part of the group’s next steps.
