[ bwoldonline.com ]
PREMIERE Horizon Alliance Corp. (PHA) plans to acquire companies engaged in real estate and tourism hospitality in the next two years, while waiting on the development of its resort project in Palawan.
In a disclosure to the stock exchange on Wednesday, PHA listed the acquisition of companies as part of the application of proceeds from its 250-million euro or P15-billion funding facility extended by Doha-based firm Sama Global Investments.
The acquisition of firms will provide PHA with short-term and medium-term recurring income while the construction of its Palawan projects is ongoing.
PHA is currently working on the execution of its master plan for Nagtabon beach in Palawan. The company is building two hotels and a four-phased commercial center in the area as part of the project’s initial phase.
The second phase will include two five-star hotels on two beaches in the 100-hectare North Cove Development. This will be developed in partnership with a global resort brand that is interested in expanding in the Philippines.
For the third phase, the company is planning a business hotel, as well as a convention center to take advantage of the Meetings, Incentives, Conventions and Exhibitions (MICE) market in Palawan.
The company also plans to immediately implement “organizational strengthening, housekeeping, and subsidiaries consolidation” within the first and second quarter of the year.
“This is in order to increase company profitability and bolster the management and execution team for sustainable organizational growth,” the company said.
PHA disclosed details on how it will use the fresh funds to satisfy the inquiries of the Philippine Stock Exchange.
Shares in PHA have been steadily rising since Sama’s investment in the firm was disclosed. On Wednesday, PHA shares closed 0.63% or a centavo higher to P1.59 apiece.
The terms of Sama’s investment in PHA includes having the right to convert the facility, in whole or in part, into ownership of up to 60% in the company, in accordance with the country’s foreign ownership laws and regulations.
Sama is an investment management firm that seeks to serve a broad spectrum of clients. — Arra B. Francia
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