PH tourism firm obtains P15-b loan from Qatar

Premiere Horizon Alliance Corp. said obtained a €250-million (P15 billion) fund facility from Sama Global Investment, a global investment fund headquartered in Doha, Qatar.PHA said in a disclosure to the stock exchange it would use proceeds from the funding facility to finance the company’s foray into real estate, tourism hospitality, tourism and infrastructure construction, power generation, financial services and other allied projects.The €250-million facility will have a term of nine years with a fixed interest of 1.25 percent a year and payable yearly. Under an agreement signed on Thursday in Qatar, Sama Global will have the right to convert, in whole or in part, the Euro funding into an ownership of up to 60 percent in PHA by 2021.PHA voluntary requested the Philippine Stock Exchange for a suspension of trading of the company’s shares as the development may affect market activity and could lead to speculation. “The company is still in the process of finalizing some of the details in the agreement. The trading suspension will enable the company to provide its shareholders and the investing public with equal opportunity to evaluate the salient and relevant features of the partnership agreement and fully appraise their investment position in PHA shares in light of such results,” PHA said.

The trading of PHA shares will resume on January 22. Prior to the trading suspension, share price of PHA closed at P0.40 on Thursday. Sama Global Investment is a global investment management company that provides a range of investment strategies to serve a broad spectrum of client needs.PHA chairman, president and chief executive Augusto Antonio Serafica Jr. and Sama Global chairman Abdulla Al-Mutawaa signed the agreement.PHA is currently undertaking major projects in the real estate and tourism sectors. It is developing a master-planned tourism estate in Puerto Princesa City, Palawan in partnership with the Dusit Group. Unit Redstone Construction and Development Corp. has also ventured into limestone mining exploration in southern Palawan, which could pave the way for its entry into cement production.
Manila Standard / 08:45 PM January 18, 2019 

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