THE Securities and Exchange Commission has authorized Premiere Horizon Alliance Corp. to commence a planned stock rights offering even without submitting the requirements under the Securities Regulation Code.
In a disclosure to the Philippine Stock Exchange on Tuesday, PHA said the Markets and Securities Regulation Department (MSRD) of the SEC approved the company’s request to sell P49.76-million worth of shares in a stock rights offer.
“PHA received yesterday, December 14, the approval by [MSRD] of PHA’s request for exemption from registration requirements under the SRC of the 199.048 million unclassified common shares with a par value of P0.25 per share to be issued out of the increase in authorized capital stock by way of a stock rights offering,” the disclosure read.
Under Section 10.2 and 10.3 of the Securities Regulation Code, the SEC may exempt transactions from regulatory requirements if the company applying for the exemption will pay a fee equivalent to one-tenths of 1 percent of the maximum aggregate price or issued value of the securities and if the transaction is “not necessary in the public interest” because “of the small amount involved or the limited character of the public offering.”
Recently, the company’s board of directors approved an increase in authorized capital stock to P750 million from P564.55 million to give way for a planned stock rights offering.
Incorporated in 1988 as a motion picture producer before switching to mining, real estate and internet casino segments, PHA has switched to an investment holding company that focuses on the countryside after it acquired 55 percent of Baguio-based property developer Goshen Land Capital Inc. for P440 million, in a bid to “transition” its revenue source to recurring income.
PHA is now involved in food security, natural resources development, life sciences and technology, and tourism. KRISTYN NIKA M. LAZO