LISTED resorts developer Premiere Horizon Alliance Corp (PHA) is planning to raise up to P500 million from a share sale to fund the first phase development of its master-planned tourism project in Palawan.
The final terms of the five-year, redeemable cumulative preferred shares are being finalized, the company said in a disclosure to the Philippine Stock Exchange (PSE) on Tuesday.
PHA said the funds will be used to finance the P400-million first phase development of its 580-hectare eco-tourism township along the West Palawan corridor, which will be developed by its subsidiary West Palawan Premiere Development Corp. (WPP).
The first phase of the project consists of the Nagtabon Beach and North Cove pods covering over 60 hectares of land. The remaining P100 million from the fundraising will be used to complete the regulatory permitting activities, as well as filing for a tourism estate zone accreditation with the Tourism Infrastructure and Enterprise Zone Authority (Tieza) or the Philippine Economic Zone Authority (PEZA).
The company is also working on the development plan for the commercial retail areas, installation of floating docks, acquisition of water sports facilities, mobilization of boat rides, cove-hopping, island diving and other water sports activities to maximize access to the township property’s vast nautical highway feature.
PHA said the group is focusing on infrastructure and tourism starting this year through the project, which will benefit from the booming Palawan tourism sector, especially with the opening of the Puerto Princesa International Airport in April. The airport is just 40 minutes away from the eco-tourism township.
“PHA’s investment in WPP is a strategic move consistent with our thrust to invigorate the countryside as we continue to hike up our investment portfolio,” said Augusto Serafica Jr., president and chief executive officer of PHA.
PHA and its US architectural partner AECOM are still crafting the master plan for the tourism development.
Incorporated in 1988, PHA is primarily engaged in businesses related to entertainment, gaming, hotel and leisure.