Result of the Special Board Meeting
In a special Board of Directors meeting on May 27, 2024, the directors approved the following transactions for its majority owned subsidiary, West Palawan Premiere Development Corp.
i) Rescission of the Contract to Sell dated December 7, 2017 between PHA and West Palawan Premiere Development Corporation (“WPP”) covering a parcel of land with an area of 4,999,414 square meters located in Bacungan, Puerto Princesa City covered by TCT No. 074-
02014000724 registered with the Registry of Deeds for Puerto Princesa.
ii) Reversal of the previous transfers dated May 11, 2017 by PHA to WPP of rights relating to four properties with an area of 1,728,824 square meters located in various areas in Barangay Bacungan covered by Tax Declaration Nos. 028-52031, 028-52034, 002-25313 and 002-25314.