17 October 2019 (Manila, PHILIPPINES) – PH Resorts Group Holdings, Inc. (PHR), the Udenna Group’s gaming and hospitality subsidiary, has obtained an advance of US$42.5 million from Emerald Development Holdings Ltd., an offshore entity wholly-owned by PHR parent, Udenna Corp.

PHR President and CEO Raymundo Martin M. Escalona said, “This advance represents a significant step in realizing the completion of The Emerald Bay Resort and Casino.”

The proceeds of the advance will be used to fund the ongoing construction of The Emerald Bay Resort and Casino, PHR’s flagship project located in Mactan, Cebu.

Escalona concluded, “We are very excited to finish the first integrated resort in the Philippines outside of Entertainment City in Metro Manila.”

ABOUT THE UDENNA GROUP

Incorporated on March 19, 2002, Udenna Corporation is at the helm of the diversified business interests of the Udenna Group in oil, gas and retail through Phoenix Petroleum (PSE: PNX); shipping and logistics through Chelsea Logistics and Infrastructure (PSE: C); gaming and hospitality through PH Resorts Group Holdings (PSE: PHR); property development and management through Udenna Land; education and food through Gruppo Enderun; and infrastructure development through Udenna Infrastructure, among others. The Udenna Group has exponentially grown for over 15 years. It successfully listed Phoenix Petroleum Philippines, Inc. and Chelsea Logistics Holdings Corp. on the Philippine Stock Exchange in 2007 and 2017, respectively. PHR is the holding entity for the tourism-related businesses of the Udenna Group which includes The Emerald Bay Resort and Casino integrated resort in Lapu-Lapu City, Mactan, Cebu; the Donatela Hotel in Panglao, Bohol; and, The Base integrated resort in Clark Global City in Angeles, Pampanga.