This comes after the Philippine Stock Exchange told the company to present a clear roadmap to address its capital shortfall. In a July 14 disclosure, PH Resorts said it plans to clean up its books, but the latest filing is silent on one key detail: a strategic investor.
Listed contractor EEI Corp., the fourth potential investor in the company after talks with three other group collapsed, emerged as a likely white knight after advancing P300 million last January.
There have been no updates since that time.
Window to repurchase Cebu property had closed
One key concern is whether PH Resorts can reclaim the 12.4-hectare Mactan Island property for the stalled $300-million Emerald Bay project, which was the main draw for EEI’s initial investment.
The property was sold to China Banking Corp. in 2023 as part of a debt restructuring agreement that included a leaseback and buyback option.
According to its regulatory filing, that option expired on March 31, 2025, and Chinabank chair Hans Sy confirmed last May that the bank is moving forward with a sale, saying the company was given ample time to find an investor.
Balance sheet fix
Meanwhile, PH Resorts is addressing issues on its balance sheet.
The company is now seeking shareholder approval on July 17 to raise its authorized capital from P8 billion to P15 billion. This paves the way to reclassify the funds as equity.
If approved by regulators, the conversion would reduce liabilities by P3.37 billion, clear P718 million in deposits, and bring equity to a positive P2.86 billion.
PH Resorts, trading under the stock symbol PHR, previously closed at P0.156 each, valuing the company at about P1.1 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
