PH Resorts, the Philippine-listed firm owned by businessman Dennis Uy, has received approval from the Philippines’ Securities and Exchange Commission (SEC) to hold a follow-on offering intended to fund several projects.

Local media outlets reported that the PHP18.48-billion ($350.46-million) follow-on offering for stock in PH Resorts, formerly known as Philippine H2O Ventures Corp., would involve selling 1.786 billion common shares at PHP9 ($0.17) apiece, with an option for an additional 267.94 million shares, or up to a total of 2.054 billion shares.

The company has acquired the services of CLSA Ltd. and UBS as international underwriters, with China Banking Corp. serving as the domestic lead underwriter for the offering.

The follow-on offering is set to be conducted within the first quarter of the year. It will be used to fund the development of the Emerald Resort and Casino in Mactan Island in Cebu province, an integrated resort in the Clark Freeport Zone in Pampanga, and the expansion of the Donatela Hotel in Panglao, Bohol in Central Visayas.