Dennis Uy’s PH Resorts seeks trading halt to prevent market manipulation

PH Resorts, the gaming and tourism unit of Davao-based businessman Dennis Uy, has sought a 10-day trading suspension at the Philippine Stock Exchange starting Wednesday, citing the safety of its potential investors.

The company asked the PSE to halt the trading of its shares from October 21 to November 4 to ensure the protection of its investors during its follow on offering.

PHR is offering up to 450 million shares at P1.68 apiece to raise as much as P756 million. Proceeds from the follow-on offer will be used to partly fund the construction of its flagship integrated casino beach resort in Mactan, Cebu.

“Note that this follow-on offering is different compared to other companies conducting follow-on offerings and whose business is already known to the public because this is the first time that the company is conducting a public offering under its gaming and hospitality business. As such, we request that the company be allowed an offer period that is akin to an initial public offer whereby no shares are traded during its offer period until its listing date,” PHR said.

“A trading suspension will allow the company to conduct its follow-on offering activities without potential market manipulations on the current market price of its shares,” it said.

The follow-on offer will also allow PHR’s potential investors to properly make investment decisions without being influenced by fluctuations in the trading price of the company’s shares that may be caused by artificial market manipulations during the offer period until the FOO shares are listed.

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