Premiere Horizon outlines growth trajectory after SquidPay
MANILA, Philippines — Premiere Horizon Alliance Corporation (PHA) is going full blast on the development of its real estate and mining assets after it announced its withdrawal from the planned acquisition of 33% of SquidPay Technology Inc. (SPTI) last month.
In October 2020, Marvin Dela Cruz, the chairman and CEO of SPTI, led his investor group into an agreement for shares of ownership with PHA. The following year, PHA disclosed its planned acquisition of SPTI, subject to thorough due diligence.
Unfortunately, Dela Cruz failed to comply with PHA’s requests for due diligence on his company’s operations, finance, accounting, human resources and regulatory licenses.
This ultimately led to PHA’s decision to withdraw from the planned fold-in. Nevertheless, Dela Cruz may still purchase his shares of PHA by paying the remaining balance wholly in cash.
In a board meeting held on November 2, the PHA Board approved the extension of the cash payment from October 29 to December 27, in order to allow Dela Cruz additional time to source the funding.
“The withdrawal from the fold-in does not affect PHA’s current plans and future prospects,” said PHA President and CEO Roberto B. Ortiz.
“We continue to endeavor to get PHA in the right direction and to achieve long-term viability. PHA has valuable real property assets and we are doing our utmost to realize their full value for our shareholders,” he added.
Ortiz adds that following the withdrawal of the SPTI acquisition, PHA remains optimistic about forthcoming opportunities and slated development across its core assets and subsidiaries.
“As a diversified holding company, PHA will continue to seek opportunities in the technology and fintech industries as we see these as sunrise businesses which can complement our legacy businesses,” he shared.
Goshen Land Capital Inc. (GLCI), one of the biggest real estate developers in Northern Luzon, continues to expand its operations with an ongoing 218-unit vertical project in Baguio City, which is already fully sold.
To date, GLCI has built 18 buildings and delivered almost 2,000 condominium units. It is also looking to expand in other areas of Northern Luzon, such as La Union and Pangasinan, while strengthening its foothold in Central Luzon, where it has opened sales branches in Cabanatuan City and in Capas, Tarlac.
West Palawan Premiere (WPP) Development Corp. is already in the initial stages of developing its more than 500-hectare master-planned property in Puerto Princesa City in Palawan, starting with its Nagtabon property.
WPP is well-positioned to take advantage of the rapidly growing tourism developments in Palawan.
Premiere Georesources and Development Inc. (PGDI), on the other hand. has recently completed a feasibility study to develop and monetize its 10,000-hectare limestone deposits.
In addition, PGDI is expanding its ongoing contract mining services for Cagdianao Mining Corp., a wholly owned subsidiary of Nickel Asia Corp., the biggest nickel mining firm in the country.
“Since the new management took over beginning of this year, we have instituted and continue to put in place structural reforms in PHA, including but not limited to good governance systems, fiduciary controls and organizational strengthening, among others,” shared Ortiz.
“We are excited with our prospects in 2023 and look forward to a better future,” he concluded.
- Latest
