MANILA, Philippines - Premiere Horizon Alliance Corp. is finalizing its stock rights offering following the successful issuance of P400 million worth of exchangeable notes.
The company’s application is now pending approval of both the Philippine Stock Exchange and the Securities and Exchange Commission.
The stock rights issue is estimated to generate P90 million in proceeds.
Proceeds from the exchangeable notes issue would be used for the initial development initiatives of the company’s property in Palawan as well as the rollout and expansion of subsidiaries and possible acquisitions.
In the first half of the year, Premiere Horizon reported a consolidated net profit of P69 million, mainly driven by strong revenues of its subsidiaries. Total assets grew more than three-fold to P2.7 billion from only P748 million as of the end of December 2014.
Premiere Horizon is an investment company that maximizes corporate value by innovating and invigorating the countryside. It continues to expand into industries with a high growth potential.
The company’s goal is to engage in sustainable countryside development using new technologies and best practices in the fields of food security, natural resources development, life sciences and technology, and tourism.