Udenna Group’s gaming and hospitality subsidiary, PH Resorts Group Holdings Inc. (PHR), saw its shares end among top gainers last week and noted a 31-percent improvement week-on-week. The shares of PHR jumped 20 centavos or 7.75 percent to finish at P2.78 apiece amid the 0.77-percent slide of the Philippine Stock Exchange index (PSEi) on Friday. Meanwhile, any tightening in the quarantine restrictions will negatively affect PHR shares as it might slow down its activities and affect its time frame, according to Pangan. “Also with the local market still on overbought condition, it may continue to correct [which] may negatively affect the sentiment on PHR, as this is still under construction with bottomline incurring losses,” Pangan further said. PHR also recently concluded its follow-on offer of 450 million primary common shares on the PSEi at P1.68 each and raised P756 million.

Source: Manila Times November 15, 2020 16:18 UTC