Clark Global City — The Speculative Frenzy Amongst Dennis Uy and His Deals
Disclaimer: The views expressed here are solely those of the author and do not in any way represent the views of his employer or any other organization.
PH Resorts Group Holdings, Inc. (PHR), formerly Philippine H2O Ventures Corp. (H2O) was originally incorporated as Calapan Equity Ventures, Inc. on January 30, 2009 as an investment holding company. On December 23, 2009, the Securities and Exchange Commission (SEC) approved the change in its primary purpose from a holding company to one that is engaged in the business of trading.
The Company’s parent company, Jolliville Holdings Corporation (JOH), along with its subsidiaries and related parties (the sellers), entered into a memorandum of agreement (MOA) with Udenna Development Corporation (UDEVCO) on December 21, 2017. The MOA relates to the sale by the sellers of all their shareholding in H2O to UDEVCO or to any of the latter’s subsidiaries or affiliates. The MOA provides that prior to the H2O sale, H2O shall implement and complete a spin-off by selling all of its existing business and assets, including shares and interests in Calapan Waterworks Corporation (CWWC) and all other interests in other corporations. On February 21, 2018, the Company sold all its shares and interests in CWWC to Tabuk Water Corporation, a wholly-owned subsidiary of JOH.
On June 25, 2018, the Company again moved to change its name to the present one as well as its primary purpose, which the SEC approved on December 10, 2018. PHR’s new primary purpose is to acquire shares of stock and other securities of any corporation including those engaged in the hotel and/or gaming and entertainment business.
Since June 2018, the wife of Dennis Uy has become director and treasurer of PHR which makes it something to be watched upon.
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