RESORTS operator Premier Horizon Alliance Corp. plans to invest up to P500 million in two companies that are holders of Mineral Production Sharing Agreements (MPSAs) covering some 10,384 hectares in Southern Palawan that contain probable limestone deposits.
Premiere Horizon told the Philippine Stock Exchange on Tuesday that its board of directors had approved the equity investment in Palawan Star Mining Ventures, Inc. and Pyramid Hill Mining Industrial Corp. of up to 85 percent of their respective and expanded shareholders equity.
The investment will be used to finance the pre-commercial development of a facility fit for cement production, lime production, and bio-mass plantation projects, and other related development costs including the preparation of project feasibility studies, environmental protection programs, community development plans and programs, and securing of government regulatory permits and licenses.
“The Company envisions that the targeted businesses will greatly assist the country’s sustainability and inclusivity objectives in general, and the province of Palawan in particular, specifically in the areas of infrastructure, renewable energy and food security,” Premiere Horizon said.
“The Company is committed to raise the funding for the said development cost through an initial equity infusion and through a combination of debt and additional equity as it may deem necessary or feasible,” it said.
Premiere Horizon is an investment holding company focusing on entertainment, gaming, hotel, and leisure. Four of its biggest vertical projects under Goshen Land Capital Inc. are set for completion this year.
Its construction unit Redstone Construction and Development Corp. is transitioning to become an infrastructure firm.
Premiere Horizon said it is also looking at new projects in renewable energy and infrastructure in line with the government’s Build, Build, Build program.