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Udenna sells oil business stake to raise $80m for Mactan casino

Udenna Group has sold a 25 percent stake in listed oil company Phoenix Petroleum Philippines to raise P4 billion (US$80 million) to help finance the development of an IR on Mactan, Cebu.

In a recent filing with the Philippine Stock Exchange, Udenna said ES Group acquired 25 percent of the outstanding capital stock of the listed oil company from Udenna Corp. and Udenna Management & Resources Corp (UMRC)  through a special block sale on the stock market. UMRC sold a 19.5 percent stake, while Udenna sold 5.5 percent.

Proceeds of the share sale will be used to partially fund Udenna's $300-million Lapu-Lapu Leisure Mactan. The group recently obtained a provisional license agreement from the Phlippine Amusement and Gaming Corp.

The development will sit on a 12-hectare prime beachfront in the province of Cebu. Development of the project is eyed to start in three months and completion is targeted in 2022.

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