PH Resorts to erase debt, no new investor needed

PH Resorts Group Holdings Inc., the integrated resorts unit of Davao tycoon Dennis A. Uy’s holding company Udenna Corporation, assured the Philippine Stock Exchange (PSE) that it can wipe out its negative stockholders’ equity with the conversion of shareholders’ advances to common shares.

- By JAMES A. LOYOLA

However, the company is silent on the possibility of buying back its Emerald Bay project which China Banking Corporation had foreclosed. It also did not mention any prospective new investor, the last of which was EEI Corporation.

In a letter to the PSE, PH Resorts said it has a negative equity position of P229.6 million as of Dec. 31, 2024 and this has ballooned to P503.7 million by March 31, 2025 due to pre-operating costs and construction development expenses related to its shelved Emerald Bay project in Mactan as well as other factors.