(July 29, 2016)
In a Special Board of Directors Meeting held today, the Board of Directors of PHA approved the incorporation of West Palawan Premiere Development Corp. (WPPDC) as a 100% subsidiary of Premiere Horizon Alliance Corp. (PHA). WPPDC will have an authorized capital of Php 700.0 million with subscribed capital of Php 175.0 million and a paid-up capital of Php 43.5 million.
PHA will formally transfer its existing Palawan properties composed of about 512 hectares into WPPDC via a swap of asset for shares. WPPDC is envisioned to be the master developer of a mountain and beach side lifestyle township community called “WPP” for all types of tourists in line with the national and local governments thrust to actively promote tourism in Puerto Princesa. A master plan development is currently being undertaken to determine the best land use of the properties.
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.