Premiere Horizon gears for FTSE GEIS inclusion

Premiere Horizon Alliance Corporation (PHA) said is set to be included on the highly-tracked FTSE Global Equity Index Series (GEIS) for Asia Pacific ex-Japan ex-China on the FTSE Micro Cap and FTSE Total Cap indices effective 19 March 2021.

In a statement to the local bourse, PHA said the inclusion was announced in the 19 February 2021 FTSE Global Equity Index Series Semi-Annual Review.

According to the PHA, the FTSE GEIS provides market participants with a series of seamless global equity benchmarks for use in the development of institutional investor policy directions and as the basis for index-linked products.

Premiere Horizon said it was able to hurdle the requirements for index inclusion, which include: eligibility screening in terms of minimum voting rights, minimum free float and foreign ownership; a minimum investable market cap of $25 million; and liquidity thresholds based on median daily trading volume per month.

PHA said that it has an average daily trading volume of P190 million since the 29 October 2020 disclosure.

It likewise announced that the group of Marvin Dela Cruz, principal owner of SquidPay Technology Inc. (SPT), a leading fintech company, will be acquiring 55 percent ownership of PHA for a total consideration of P925 million.

PHA said that at present, the P300 million cash payment has been completed and the balance of P625 million will be a combination of cash and/or SPT shares.

According to Premiere Horizon, it is an investment holding company with a vision of countryside development through pioneering technologies and innovative business models.