Listed holding firm Premiere Horizon Alliance Corp. has ventured into agriculture technology (agritech) sector via its subsidiary, PH Agriforest Inc.
In a regulatory filing on Friday, Premiere Horizon said that through PH Agriforest, it plans to leverage on the financial technology (fintech) expertise of its parnter SquidPay Technology, Inc. by using technology to increase yield and efficiency in the sectors of agriculture, forestry, and aquaculture.
“Instead of traditional agriculture practices, Premiere Horizon will utilize proven agritech methodologies that focus on comprehensive data collection, analytics and models, and other technological innovations which seek to achieve faster planting, better harvest, lower production cost and optimized market acceptance of products,” the company said.
Premiere Horizon said the planned projects of PH AgriForest will include lands focused on food production, and rubber and bamboo plantation.
The company said that it would also venture in the production of organic fertilizer that aims to encourage sustainable farming, and goes with the existing programs of the Department of Agriculture.
“Premiere Horizon’s entry into the agritech sector is in line with its vision of countryside development through pioneering technologies and innovative business models,” the company said.
In November last year, Premiere Horizon disclosed its decision to sell a total of 2.8 billion shares or 55% equity to the owners of SquidPay Technology led by businessman Marvin C. Dela Cruz.
The company said it would raise P925 million from the transaction, with the shares priced at 33 centavos each.
On Friday, shares in Premiere Horizon at the stock exchange rose 14.78% or 34 centavos to close at P2.64 apiece.