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Qatar firm funds PHA for P15 billion, convertible to 60% stake

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PREMIERE Horizon Alliance Corp. (PHA) said it signed a memorandum of agreement with Sama Global Investment for a 250 million-euro or P15-billion funding facility for several projects, the company told the stock exchange on Friday.

“The funds will be invested by PHA in real estate, tourism hospitality, tourism and infrastructure construction, power generation, financial services and other allied and related undertakings,” the company said.

The facility will have a term of nine years with a fixed interest rate of 1.25% per annum.

“In 2021, Sama Global shall have the right to convert, in whole or in part, the 250 million-euro funding into an ownership of up to 60% in PHA in accordance with foreign ownership laws and regulations,” the company said.

PHA described Sama as an investment management firm “that provides a range of investment strategies to serve a broad spectrum of client needs with headquarters in Doha, Qatar.”

“The cornerstone of Sama Global’s investment framework is its ability to see and seize opportunity and introduce future initiatives for its portfolio companies with the end in view of improving overall value of these companies,” it said.

The memorandum of agreement was signed on Jan. 17, 2019 in Doha, Qatar by Augusto Antonio C. Serafica, Jr., PHA chairman, president and chief executive officer, and Abdulla Al-Mutawaa, chairman of Sama Global Investment, along with other company officials.

PHA, which calls itself as a “countryside enabler,” has two projects in the real estate and tourism sectors.

“PHA is developing a master-planned tourism estate in Puerto Princesa City that brings together serene mountainside resorts and beach retreats through its West Palawan Premiere subsidiary,” it said.

Earlier on Friday, PHA sought a voluntary trading suspension, which the Philippine Stock Exchange approved starting at 9:30 a.m. The suspension will be lifted at 9:00 a.m. on Tuesday, Jan. 22, 2019. — Victor V. Saulon