Listed firm Premier Horizon Alliance Corp. (PHA) said it will use its gaming subsidiary, Digiwave Solutions Inc., to buy back company shares valued at P30 million.
In a disclosure posted on the Philippine Stock Exchange website, PHA’s board of directors approved the buy-back program by using part of the proceeds from the sale of Digiwave shares.
Digiwave will hold 3.29 percent interest in PHA after its acquisition of 60 million PHA shares, priced at P0.50.
On May 21, PHA raised P620 million from the sale of Total Gamezone Xtreme Inc. (TGXI) to Leisure and Resorts World Corp. TGXI is the operator of the 46 units of Philippine Amusement & Gaming Corp’s E-Games stations, which was formerly held by Digiwave.
PHA said that the decision to buy back the shares came “pending the results of the ongoing evaluation and initial due diligence of certain major countryside investment opportunities in the fields of natural resources development and food security.”
For the first half of the year, PHA managed to reduce its net loss to P3.18 million from P3.92 million a year earlier. Revenues for the period, however, increased to P112.22 million from P89.07 million.
Formerly known as Premiere Entertainment Productions Inc. and incorporated in 1988, the company used to focus its business on foreign movie production ventures. When the Securities and Exchange Commission approved the company’s change of name in 2011, Premier Horizon expanded its operations to engage in entertainment, gaming, hotel and leisure.
PHA holds interests in various entertainment subsidiaries: Digiwave; Redstone Construction and Development Corp.; First Ardent Development Corp.; Premium Events Palace Inc.; PHA Metro Leisure Inc., La Prima Hotel Imperiale Inc.; Premiere Show Biz Inc.; and Premiere e-Teleservices. Kristyn Nika M. Lazo