Davao-based businessman Dennis Uy has transformed newly-acquired Philippine H20 Ventures Corp. into his tourism and gaming arm to be called PH Resorts Group Holdings Inc.
PH Resorts currently has two integrated resorts under its portfolio – the $5 billion Clark Global City in Clarkfield, Pampanga and a $300 million mixed-use project in Mactan, Cebu.
?As we foray deeper into the tourism sector, we hope to usher in a new era of growth for our shareholders,? said Uy, founder and chairman of Udenna Corp.
Uy was elected chairman of PR Resorts while Raymundo Martin Escalona was named president. Others joining the board are Jose Angel Sueiro as COO, Cherylyn C. Uy (treasurer), Lara Lorenzana (CFO), and Eric Recto and William Yap as independent directors.
H20 shareholders also approved a proposal to increase the company?s capitalization to P8 billion from P500 million.
Apart from PH Resorts, Uy also controls three more companies listed on the Philippine Stock Exchange — Phoenix Petroleum Philippines, Chelsea Logistics Holdings Corp. and 2GO Group Inc.