Premiere Horizon Alliance Corp ( PHA ) is raising over $20 million (P1 billion) to expand its infrastructure and tourism businesses.
PHA earlier made the announcement following the recent completion of its equity placement in its $16 million tourism development subsidiary the West Palawan Premiere (WPP).
“The company’s 2017 strategic focus will be on infrastructure and tourism which will strongly support the current administration’s thrust on sustained countryside development where tourism and infrastructure play major roles,” PHA said in its statement.
PHA disclosed that WPP is raising around P400 million to make its first foray into the fast-growing tourism sector. WPP is in the final planning stages for an integrated township development that brings together serene mountainside and beachfront resorts as well as residential projects located in the emerging West Palawan corridor, the company added.
WPP likewise acquired an additional 5-hectare beach front property in Nagtabon Beach and is finalizing a comprehensive development plan that will complement the WPP development’s landmark beachfront loop attractions. Nagtabon Beach is about 35 minutes away via fully cemented roads from Puerto Princesa City International Airport.
“PHA will bring in its infrastructure subsidiary, Redstone Construction and Development Corporation (RCDC), to provide cost-effective site and land development expertise to the tourism project,” the company noted.
RCDC is firming up a P200 million expansion budget for its infrastructure development projects. It expects to broaden operations to include non-mining construction activities starting with the execution of WPP’s site development plans.
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“For 2017, PHA is also currently evaluating several business partnerships and acquisitions in the cement, iron, water and energy sectors, supported by a financing budget of up to P400 million,” PHA added.
Established in 1988, PHA was originally into entertainment, gaming, hotel and leisure businesses, and lately transformed itself into a “countryside enbaler” investing in profitable businesses that address gaps in mineral resource development, food security, tourism, and shelter.
PHA’s last trading price increased 2.04 per cent or P0.0100 on Tuesday to close at P0.50 per share.