PREMIERE Horizon Alliance Corp. has signed an agreement with Qatar-based Sama Global Investment for a 250-million-euro (P15-billion) loan facility that will be used to fund several projects.
In a disclosure on Friday, the listed investment holding company said its chief Augusto Antonio Serafica Jr. signed the memorandum of agreement on the facility with Sama Chairman Abdulla Al-Mutawaa on January 17 in the Qatari capital Doha.
The amount would be used to fund its real-estate, tourism and hospitality, infrastructure, power and financial projects, among others, it added. The facility shall have a tenor of nine years with a fixed-rate interest of 1.25 percent yearly.
Under the deal, Sama would be allowed in two years to convert, in whole or part, the P15 billion into a 60-percent ownership stake in Premiere Horizon in accordance with foreign ownership laws and regulations.
Sama is a global investment firm that provides a range of investment strategies. The cornerstore of its investment framework, the disclosure said, “is its ability to see and seize opportunity and introduce future initiatives for its portfolio companies with the end in view of improving overall value of these companies.”
The funding is seen to help Premiere Horizon boost its business after it reported that its net loss widened by 52 percent to P92.9 million in the first nine months of 2018 from P61.7 million in the same period the year before.
The company’s gross revenues reached P435.7 million in January to September, a 24.26-percent decrease from P575 million a year ago.
It blamed the drop to lower real estate sales, a slowdown in construction works and higher mining-related services due to the increase in tonnages.
Incorporated on Jan. 13, 1988 originally as Premiere Films International Inc., Premiere Horizon is now into property development. It is developing a master-planned tourism estate in Puerto Princesa City, Palawan province through its subsidiary West Palawan Premiere Development Corp.
Trading of its shares is suspended from January 18 to 22 to allow the company’s shareholders to digest the deal.
The Manila Times/ January 19, 2019