PHA readies fund-raising for Palawan eco-tourism project

• Source: http://www.bworldonline.com/content.php?title=pha-readies-fund-raising-for-palawan-eco-tourism-project&id=142526
• Thursday, March 23, 2017

By Arra B. Francia

PREMIERE HORIZON Alliance Corp. (PHA) is raising between P300 million and P500 million to fund an eco-tourism project under its tourism subsidiary West Palawan Premiere Development Corp. (WPP).

In a disclosure to the stock exchange on Tuesday, PHA said the terms of WPP’s five-year redeemable cumulative preferred shares offer are currently being finalized.

The funds will be used for the development of WPP’s master-planned eco-tourism township in Puerto Princesa City, Palawan.

“Funding will be used to accelerate development and value creation for the first phase of the project consisting of the Nagtabon Beach and North Cove pods totaling over 60 hectares, road access development, permits acquisition and awareness campaign,” PHA said.

WPP will also tap the funds for the development of commercial retail areas, installation of floating docks, acquisition of water sports facilities, mobilization of boat rides, cove-hopping, island diving and water sports activities.

In June last year, the company unveiled the 576-hectare development spanning several white sand beaches in the Bacungan-Napsan area in Puerto Princesa.

WPP also acquired an additional five-hectare beachfront property in Nagtabon Beach, 40 minutes away from the Puerto Princesa International Airport, which is expected to open in April.

“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 PHA President and Chief Executive Officer Augusto Serafica, Jr. in the statement.

PHA saw its net income rise 52% to P150.4 million in the first nine months of 2016. Shares in PHA closed at 43.5 centavos apiece on Tuesday, up 3.57% or P0.015.