PH Resorts eyes partnership with EEI for Emerald Bay Resort

PH Resorts Group Holdings Inc. of Davao-based businessman Dennis Uy is looking to team up with construction giant EEI Corp. for the development of the unfinished Emerald Bay Resort in Cebu.

- - Richmond Mercurio

In a stock exchange filing, PH Resorts said its parent company, Udenna Corp., has executed a memorandum of understanding (MOU) with EEI concerning the Emerald Bay Resort and Casino project.

PH Resorts said the MOU provides an avenue for a potential partnership between the company and EEI upon the execution of the definitive agreements as well as subject to the fulfillment of conditions precedent and regulatory approvals, if any.

The agreement also paves the way for EEI to execute an agreement with PH Resorts and its subsidiaries, Lapulapu Leisure Inc. (LLI) and Lapulapu Land Corp. (LLC), to finance, construct and complete the Emerald Bay Project, upon the execution of definitive documentation.

PH Resorts said necessary disclosures would be made by the company once the deal terms are finalized and the definitive agreements are executed.