SEC approves Premiere Horizon unit’s listing

PREMIERE Horizon Alliance Corp.

( PHA) has obtained the nod of the Securities and Exchange Commission ( SEC) for its subsidiary’s planned listing by way of introduction.

The SEC authorized PHA’s unit Premiere Georesources and Development Inc., formerly known as Redstone Construction and Development Corp., to list shares on the Philippine Stock Exchange. The regulator also approved its plan to transform into an infrastructure company.

Premiere Georesources said the move aimed to take advantage of the booming construction industry on the back of the government’s Build, Build, Build program.

In July this year, PHA partnered with Korean firm D-Eco Energy Co. Ltd. to diversify into the infrastructure, tourism, and power businesses.

In the same disclosure, PHA said it also secured approval for its planned increase in authorized capital stock from P100 million, divided into 100 million shares with a par value of P1.00 per share, to P650 million divided into 6.5 billion shares with a par value of 10 centavos per share.

The SEC also approved the increase in the number of the company’s directors to nine from five.

Premiere Horizon is currently undertaking two projects in the infrastructure segment, anchored on the limestone assets of Premiere Georesources. It is also developing a tourism estate in Puerto Princesa City through its West Palawan Premiere subsidiary.

In March this year, Premiere Horizon announced it was spending P500 million this year in two companies— Palawan Star Mining Ventures, Inc. and Pyramid Hill Mining Industrial Corp.—that are holders of Mineral Production Sharing Agreements (MPSAs) covering some 10,384 hectares in Southern Palawan that contain probable limestone deposits.

The investment will be used to finance the pre-commercial development of a facility fit for cement production, lime production, and bio-mass plantation projects and other related development costs, including the securing of government regulatory permits and licenses.