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, Aug. 29, the listed holding firm said its board of directors have 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.
The Philippine Stock Exchange (PSE) has suspended trading of PHA’s shares on Wednesday morning following the disclosure, until such time that the company discloses more details about the deal. — Arra B. Francia