The gaming unit of Philippine casino investor Udenna Development Corp. has formally joined the Philippine Stock Exchange through a backdoor listing.

According to The Philippine Daily Inquirer, Udenna will use the firm’s recently acquired the publicly-listed Philippine H2O Ventures (PHV) as the backdoor-listing vehicle for its gaming and tourism business.

PHV has reportedly secured the approval of its shareholders to change its name to PH Resorts Group Holdings, Inc. (PRGHI) and change the company’s purpose from water utility business to hotel and/or gaming and entertainment business.

PRGHI shareholders also gave the go-signal to increase the company’s authorized capital stock from PHP500 million (US$9.31 million) to PHP8 billion (US$149.01 million. PRGHI’s portfolio includes two integrated resort and casino projects in the Philippine provinces of Cebu and Pampanga.