Premiere Horizon Alliance Corporation (PHA) announced that it has completed the placement of Php 400.0 million Exchangeable Notes which included an oversubscription of Php 50.0 million over the Php 350.0 million Main Tranche. Due to the oversubscription, the Company also decided to trigger and complete the placement of Php 50.0 million of the Php 250.0 million Optional Tranche, that will be used for the initial development initiatives of its Palawan property.
With the completion of the Php 350.0 million placement, the Company has already put in place 90% of its funding plan of Php 1.02 billion to finance the rollout and expansion of its current subsidiaries and fund other possible acquisitions. The Company is now finalizing the last component of its funding plan involving a Php 90.0 million Stock Rights Offer. Premiere has been coordinating with PSE and SEC in completing the required documentation.
In its 2015 1st half earnings report, Premiere Horizon posted a record Php 69.0 million consolidated net profit due to strong revenue performance of its subsidiaries transforming PHA into a company with recurring income. The Php 501.0 million revenue was due to the bigger contracts of Redstone Construction and Development Corporation (RCDC) and the consolidation of the financials of Goshen Land Capital, Inc. (Goshen). PHA’s total assets for the 1st half of 2015 increased to Php2.7 billion, up 267 percent from the Php748 million posted December 2014. Total equity for the 1st half also doubled to Php881 million from Php473 million compared to the same period last year.
Premiere Horizon is an up and coming countryside enabler with a vision of “Invigorating the Countryside”. The Company invests in profitable businesses that address gaps in mineral resource development, food security, tourism, and shelter.