Premiere Horizon takes over Palawan mining firms

Inquirer.net (August 30, 2018) 

Philippine Daily Inquirer, B4 (August 30, 2018)

Investment holding firm Premiere Horizon Alliance Corp. (PHA) has cemented a deal to take over two companies with limestone mining rights in southern Palawan, taking the first step to enter the cement production business.

Calling this transaction a “reverse takeover,” the Philippine Stock Exchange suspended trading on shares of PHA for an indefinite period starting Wednesday pending the disclosure of more information.

The board of PHA approved the conversion of its advances into subsidiary Redstone Construction and Development Corp. (RCDC) shares, allowing the latter to own up to 100 percent of Pyramid Hill Mining Industrial Corp. and Palawan Star Mining Ventures Inc., the company disclosed to the Philippine Stock Exchange on Wednesday.

RCDC acquired 98.88 percent of Pyramid Hill Mining and 98.55 percent of Palawan Star Mining in July. This was through the conversion of its advances to equity amounting to P220 million in Pyramid Hill Mining and P170 million in Palawan Star Mining.

A reverse takeover refers to a transaction whereby a privately held company buys enough shares to control a publicly traded company.

It was earlier disclosed that Pyramid Hill Mining and Palawan Star Mining hold mineral production sharing agreements (MPSAs) covering about 10,384 hectares.

These contain “probable commercial quality limestone deposits located in the mineralized area of southern Palawan.”

PHA plans to fund the precommercial development of a “sustainable and integrative ecosystem of environmentally conducive businesses.”

The precommercial development cost is estimated at about P500 million, including the generation of limestone resource identification and validation reports, preparation of project feasibility studies, environmental protection programs, and inclusive community development plans and programs, securing of government regulatory permits and licenses, and other relevant development project components.


Premiere Horizon Alliance takes control of two mining firms

Businessworld Online (August 30, 2018)

PREMIERE Horizon Alliance Corp. (PHA) is taking over two mining companies, marking its entry into limestone exploration.

In a disclosure to the stock exchange on Wednesday, the listed holding firm said its board of directors has approved the conversion of its advances into infrastructure subsidiary, Redstone Construction and Development Corp. (RCDC).

This will allow RCDC to own up to 100% of Pyramid Hill Mining Industrial Corporation (PHMIC) and Palawan Star Mining Ventures, Inc. (PSMVI) which hold mineral production sharing agreements (MPSAs) covering around 10,384 hectares.

The company last March announced its investment in PHMIC and PSMVI, noting that their MPSAs contain “probable commercial quality limestone deposits located in the mineralized area of Southern Palawan.”

PHA said that RCDC has already acquired 98.88% of PHMIC and 98.55% of PSMVI as of July 11, through conversion of its advances to equity amounting to P220 million and P170 million, respectively.

With its investment in the two companies, PHA will be funding the pre-commercial development of businesses including cement production, agricultural lime production, and bio-mass plantation projects.

“The company envisions that the targeted businesses will greatly assist the country’s sustainability and inclusivity objectives in general, and the province of Palawan in particular, specifically in the areas of infrastructure, renewable energy and food security,” PHA said in an earlier disclosure.

The pre-commercial development is estimated to cost up to P500 million, which will cover the generation of limestone resource identification and validation reports, preparation of project feasibility studies, environmental protection programs, and inclusive community development plans and programs. It will also cover the cost for securing government regulatory permits and licenses.

The Philippine Stock Exchange (PSE) has suspended trading of PHA’s shares on Wednesday morning following the disclosure, until such time that the company convey more details about the deal.

“After a careful review of the disclosure submitted by the Company, the Exchange deems that the above-mentioned transaction is covered by the Disclosure for Substantial Acquisitions and Reverse Takeovers of the Disclosure Rules,” the PSE said in a notice posted to its website.

PHA’s market capitalization stood at P736.48 million with a share price of 37 centavos each as of Tuesday’s session.

The company recorded a net loss attributable to the parent of P47.8 million in the first half of 2018, the same level of attributable loss it posted in the same period a year ago. Gross revenues fell by 26% to P254 million during the January to June period. — Arra B. Francia

Premiere Horizon Alliance PHA Partners with Korean Firm for Expansion

BusinessWorld Online (August 1, 2018)

PREMIERE HORIZON Alliance Corp. (PHA) is looking to venture into infrastructure, tourism, and power projects after signing an agreement with Korean firm D-Eco Energy Co. Ltd. (D-Eco) for a joint exploration into the sectors.

In a disclosure to the stock exchange on Tuesday, PHA said its Chairman, President, and Chief Executive Officer Augusto Antonio C. Serafica, Jr. signed a memorandum of understanding with D-Eco through its Chairman, Yoo In Taek.

“Both companies are studying the possible investment and partnership structures in the envisioned project companies on each of these sectors utilizing their respective resources and expertise,” the company said.

PHA said D-Eco is forming a consortium of investors who are seeking to invest in infrastructure, tourism, and power in the country.

Incorporated in 1991, D-Eco describes itself as one of the leading generator manufacturers in Korea. It exports its products to countries in Asia, Central America, South America, Oceania, Africa, the Middle East, as well as the United States, according to its website.

“To become a major industrial player in the 21st century, we are expanding our international partnerships by increasing overseas investments and offering a first-class product range (including open and sound-proof generator sets, natural gas generator sets, secondhand generator sets),” D-Eco said in its website.

Meanwhile, PHA has recently started working on two projects in infrastructure and tourism. Its infrastructure projects are being undertaken by subsidiary Redstone Construction and Development Corp. (RCDC). Last March, the company forayed into limestone mining exploration in Southern Palawan, which could pave the way for its entry into cement production.

The company said it plans to list RCDC by way of introduction once it secures the necessary approvals from regulatory bodies within the year.

For tourism projects, PHA’s units West Palawan Premier Development Corp. (WPPDC) has partnered with the Dusit Group for the development of a tourism estate project in Puerto Princesa.

WPPDC is currently developing its master-planned project in the area called North Cove Development, which spans 100 hectares.

PHA recorded a net loss attributable to the parent worth P46.8 million in the first quarter of 2018, higher than the attributable loss of P34.6 million it recorded in the same period the year before. This came amid a decline in revenues to P125.8 million for the period.

Incorporated in 1988, PHA is an investment holding firm currently valued at P696 million. The company looks to focus on projects that will spur development in the countryside, particularly in the fields of food security, natural resources development, life sciences, technology, and tourism.

Shares in PHA gained four centavos or 11.43% to close at 39 centavos each at the stock exchange on Tuesday. — Arra B. Francia

Premiere, Korean Company Eyes Infra, Energy Projects

Manila Standard.Net (July 31, 2018)

Premiere Horizon Alliance Corp. plans to team up with D-Eco Energy Co. Ltd. of South Korea for a possible venture into infrastructure, tourism, and power sectors.

Premiere Horizon said in a disclosure to the stock exchange it signed a memorandum of understanding with D-Eco Energy to study possible investment and partnership structures utilizing their respective resources and expertise. 

The groups’ venture into infrastructure and tourism development is in support of the Duterte administration’s thrust on sustained countryside development, according to Premiere Horizon.

D-Eco is a Korean company engaged in the power business and allied industries and is forming a consortium of investors who are looking at infrastructure, tourism and power sectors.

Premiere Horizon is a countryside enabler and has been undertaking two landmark projects in the infrastructure and tourism sectors. 

Premiere Horizon through subsidiary Redstone Construction and Development Corp., is investing in infrastructure projects. 

The company said it was set to hold a listing by way of introduction in the second half, subject to regulatory approval by relevant agencies.


Premiere Horizon Signs Deal for Joint Ventures with Korean Firm

Business Mirror Online (July 31, 2018)

PREMIERE Horizon Alliance Corp. on Tuesday said it signed a memorandum of understanding with Korean firm D-Eco Energy Co. Ltd. to explore joint ventures in infrastructure, tourism and power.

Both companies are studying the possible investment and partnership in the envisioned project companies on these sectors utilizing their respective resources and expertise.

D-Eco is a company engaged in the power business and allied industries, and is forming a consortium of investors looking into investing in the same infrastructure, tourism and power sectors in the Philippines.

Premiere Horizon, meanwhile, has been undertaking two landmark projects in the infrastructure and tourism sectors.

The company said the infrastructure project will mainly be anchored on the limestone assets of its infrastructure subsidiary, Redstone Construction and Development Corp., which is set to do a listing by way of introduction within the year, subject to regulatory approval by relevant agencies.

Premiere Horizon is also developing a master-planned tourism estate in Puerto Princesa City that brings together mountainside resorts and beach retreats through its West Palawan Premiere subsidiary.  The agreement was signed by Premiere Horizon Chairman, President and CEO Augusto Antonio Serafica Jr. and D-Eco Chairman Yoo In-taek, the company said.