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