MANILA, Philippines – Dennis Uy’s embattled resort developer, PH Resorts Group Holdings Incorporated, was required by regulators to disclose to the investing public that its plan to take up the sale of assets of its subsidiaries in its stockholders meeting next week has been denied.
“This disclosure is made in compliance with the letter of the SEC MSRD requiring the Company to disclose the denial of its request,” PH Resorts said in a stock exchange filing on Wednesday, July 19.The agenda only indicated that PH Resorts is seeking approval of the amendment of its articles of incorporation to increase its authorized capital stock from P8 billion to P15 billion and grant the board authority to offer new shares, which would be paid through cash or non-cash properties.
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