Premiere Georesources and Development Inc., the infrastructure unit of Premiere Horizon Alliance Corp., plans to list its shares with the Philippine Stock Exchange through listing by way of introduction.
Listing by way of introduction allows a company to join the Philippine Stock Exchange without having to sell shares to the public immediately.
PHA said in a recent disclosure PGDI filed an application with the Securities and Exchange Commission and the Philippine Stock Exchange to register and list by way of introduction P545.4 million worth of common shares.
PGDI opted for the listing by way of introduction after parent company PHA in March declared a property dividend of 268 million PGDI shares to PHA shareholders.
PGDI, formerly called Redstone Construction and Development Corp., is engaged in the business of construction works and earthworks for mining, real estate development, environmental protection and remediation, and reclamation, as well as quarrying, hauling, earthmoving and heavy equipment rentals.
The company is now being repositioned as an infrastructure company to capitalize on the booming construction industry and the government’s Build Build Build program.
PGDI currently has a public float of 23.5 percent after recently completing a private placement involving 523 million shares owned by PHA.
PGDI is the second company to apply for listing by way of introduction this year.
HatchAsia, the gaming services partner of listed DFNN Inc., in August filed an application with the SEC and PSE to list 276.16 million common shares under the main board of the PSE with an initial listing price of P5.28 per share, or approximately P1.45 billion
Founded in 2000 by DFNN, HatchAsia was originally created to be an incubation business for fledgling start up and dot com companies. But DFNN and Visayan Gaming Inc. in 2014 signed an investment agreement to jointly engage in gaming-related business process management and outsourcing operations as well as game and software development.
It then diversified its business from being just a service provider into an electronic gaming outlet operator in the Philippines for hands-on product and service testing.
Other companies that earlier listed in the PSE through listing by way of introduction are Top Frontier Holdings Inc., AgriNurture Inc., Integrated Microelectronics Inc. and Trans Asia Petroleum Corp.