MANILA -- Conglomerate Udenna Group is making its foray into the tourism sector with its acquired company, listed Philippine H2O Ventures Corp., in support of the country’s tourism sector.
Philippine H2O Ventures, during its stockholders’ meeting on Monday, received approval to change its name to PH Resorts Group Holdings, Inc. and its primary purpose to engage in the hotel and/or gaming and entertainment business.
PH Resorts will house the tourism-related businesses of the Udenna Group. Its portfolio will include two integrated resort and casino projects --one in Mactan, Cebu as well as another one in Udenna’s Clark Global City in Angeles, Pampanga.
“PH Resorts will allow the Udenna Group to take advantage of the many opportunities in the tourism sector; create stronger synergies among our existing businesses, and make more meaningful contributions to the Philippine economy,” Udenna Founder and Chairman Dennis Uy said in a disclosure to the local bourse.
Stockholders also approved the increase of the company’s authorized capital stock from PHP500 million to PHP8 billion.
PH Resorts is the latest publicly listed company of Udenna, which has diverse business interests in petroleum and oil through Phoenix Petroleum Philippines Inc.; shipping and logistics through Chelsea Logistics Holdings Corp. and 2GO Group Inc.; real estate through Udenna Development; education through Enderun Colleges; and convenience stores through FamilyMart, among others. (PNA)
