Horizon Alliance Corp. (PHA) announced the completion of an equity placement with strategic investors involving a 15 percent stake in its tourism development arm, West Palawan Premiere (WPP).
In a disclosure to the Philippine Stock Exchange on Thursday, PHA said the equity placement, valued at P800 million, covers WPP’s current Palawan landholdings, leaving PHA with an 85 percent equity stake in WPP.
The statement did not identify the strategic investors involved in the deal.
“PHA, through WPP, also finalized its acquisition of an additional 5 hectares of beach front property in Nagtabon Beach and is in the process of putting together a tourism development plan for the area,” the company said.
Nagtabon Beach is 40 minutes away via cemented national roads from the Puerto Princesa International Airport, which is seen to open in March 2017.
West Palawan Premiere is a 576-hectare master-planned beach-side lifestyle community in Bacungan, Puerto Princesa. The project will have mountainside resorts and beach retreats with themed clubs, amenities and facilities and is expected to become a prime tourist destination in Palawan.
Speaking about the WPP project, PHA said “more visible developments will be seen by the first quarter of 2017.”
The WPP project is banking on the influx of tourists after the opening of the Puerto Princesa International Airport in March next year.
The WPP project’s master plan was drafted by the 2015 Best Global Designer, AECOM and is set to be finished by January 2017, PHA said.
“Puerto Princesa City remains the main tourism draw in the province, with a total of 818,961 visitors in 2015. Apart from Manila, WPP is targeting to entice tourists from Cebu and other key areas in the Philippines. With the target completion of the Puerto Princesa International Airport by March 2017 and the increasing cruise ship arrivals that has grown at an average compound growth rate of 141 percent over the last 5 years, the city is poised to become a prime tourist haven in Palawan,” PHA earlier said.
Incorporated in January 1988, PHA is primarily engaged in businesses related to entertainment, gaming, hotel and leisure. The company is working toward becoming a “countryside enabler” by investing in profitable businesses that address gaps in mineral resource development, food security, tourism, and shelter in the provinces.