AppleOne Properties, Inc., a property developer based in Cebu, is interested in investing in two of the subsidiaries of PH Resorts Group Holdings, Inc. which are involved in the gaming project.
On Tuesday, PH Resorts announced in a legal document that its branches Lapulapu Leisure, Inc. and Lapulapu Land Corp. entered into a “non-exclusive and non-binding” agreement with AppleOne for an investment proposal.
PH Resorts is the holding company for gaming and tourism within Mr. Uy’s Udenna Group. The company has expressed interest in finding investors to financially support the Emerald Bay project.
“The Memorandum of Understanding (MoU) sets general guidelines for AppleOne to potentially invest in the subsidiaries. The goal is to acquire a majority stake in the subsidiaries or purchase the land and improvements of the Emerald Bay Project,” stated PH Resorts.
The Emerald Bay development, located in Mactan, Cebu, is a proposed combination of a resort and casino.
The company stated that the investment’s terms and percentage of ownership are still being negotiated by the involved parties. These negotiations are anticipated to be finalized within 60 days, as outlined in the MoU.
PH Resorts stated that the last specifics of the planned investment are still pending completion. They also mentioned that they will provide the necessary disclosures once the deal terms are finalized and the definitive agreements are signed.
PH Resorts has announced that its two subsidiaries have restructured their current outstanding debt with China Banking Corp. (Chinabank) through the signing of agreements for the sale, leaseback, and a potential repurchase of specific land and improvements.
The company announced a reorganization that includes the assets of both its Lapu-Lapu City subsidiaries, which cover an area of 12.5 hectares, as well as any enhancements.
PH Resorts stated that the restructuring permits its subsidiaries to repay the peso bridge loan provided by Chinabank in 2018. Additionally, the subsidiaries will retain possession and usage of the property to complete the construction and development of the Emerald Bay Project.
The restructuring also includes a buyback choice for the subsidiaries or their representatives to repurchase the properties, “if they wish to do so.”
The development of Emerald Bay began in December 2017 and includes 146 gaming tables, 729 electronic gaming machines, 780 hotel rooms, and five villas. PH Resorts is responsible for the construction of this project.
According to its website, AppleOne is overseen by the dynamic duo of Ray and Venus Manigsaca. The business is involved in developing properties in various areas, including residential, hotel and resort, commercial, and healthcare.
AppleOne has several ongoing projects including VisayasMed City Center in Cebu City, Sheraton Cebu Mactan Resort, and AppleOne Banawa Heights.
On Tuesday, PH Resorts’ shares on the local stock market increased by five centavos or 8.06%, ending at 67 centavos each.