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Premiere Horizon set for inclusion in global equity index

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PREMIERE Horizon Alliance Corp. is set to be added to a regional equity index series for companies with small market capitalization beginning March 19, 2021, the investment holding company told the stock exchange on Monday.

It said the inclusion into the FTSE Global Equity Index Series for Asia-Pacific, excluding Japan and China, on the FTSE Micro Cap and FTSE Total Cap indices was announced on Feb. 19 after a semiannual index review.

But it said the index review “may be subject to revision until close of business of March 5, 2021.”

“The FTSE Global Equity Index Series (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 said it was able to qualify for the FTSE GEIS as it reached the minimum required voting rights, minimum free float and foreign ownership, and a minimum investable market capitalization of $25 million.

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The company also said that it was added after it reached the required liquidity threshold based on its median daily trading volume per month.

Its average daily trading volume reached P190 million since its Oct. 29, 2020 disclosure that fintech firm SquidPay Technology, Inc. would acquire a 55% ownership for P925 million.

The group led by businessman Marvin Dela Cruz has since completed an initial payment of P300 million, with the balance of P625 million to be paid through cash payments and infusion of SquidPay shares within the next two years.

On Monday, Premiere Horizon shares at the stock exchange closed 8.97% higher to finish at P3.16 apiece. — K. C. G. Valmonte

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