PREMIERE Horizon Alliance Corp. (PHA) on Monday said it received P71.54 million from global investment group LDA Capital Ltd. for its subscription to PHA’s shares.

The company said the subscription agreement was inked on Oct. 15.

“The funds will be used for the expansion of its projects in real estate through subsidiaries West Palawan Premiere and Goshen Land Capital, as well as new investments in fintech and mining,” PHA said in a disclosure to the exchange.

In July, PHA’s board of directors approved the put option agreement with LDA Capital to provide PHA up to P2.5 billion in committed equity capital within the next 36 months, which may be accessed through exercising put options. Premiere Horizon issued a put option notice on Aug. 12.

“LDA has remitted to PHA a total of P71,543,350 as full payment for the subscribed shares,” Premiere Horizon said, adding that LDA Capital’s investment “confirms its belief in the growth prospects of PHA.”

LDA Capital has subscribed to 70.835 million new PHA primary shares with a par value of 25 centavos for P1.01 apiece. The subscription price is said to be 90% of the average volume-weighted average price of PHA shares during the pricing period.

On Monday, PHA shares at the stock exchange went down by 2.47% or two centavos, closing at 79 centavos apiece.

– Keren Concepcion G. Valmonte, bworldonline.com / September 30, 2021