The third initial payment for interest sold to SquidPay is earned by Premiere Horizon
PREMIERE Horizon Partnership Corp. obtained a third P100 million tentative payment from Fintech (financial technology) corporation SquidPay Technology, Inc.
On Wednesday, Premiere Horizon announced to the exchange that an investor party headed by businessman Marvin C. Dela Cruz had finished payments for the initial cash expenditure of P300 million for 55 per cent of the company’s ownership.
There is a surplus of P625 million for the investor party.
Premiere Horizon will use the P300 million initial payment to finance its mining, real estate, and tourism operations. It can also be used by the company to compensate for its debt and liabilities, royalties, licences, and running costs.
Premiere Horizon would also make a proposal for a rise of 3,745 billion shares in the approved capital stock of P936.4 million, comprising 6 billion shares with a par value of P0.25.
The Investor Party of Mr. Dela Cruz has subscribed for 2.54 billion partly paying stock. Also included in the capital raise filing would be the 303 million securities subscribed by current creditors.
Premiere Horizon announced in November last year that it will offer 2.8 billion of its shares, or 55%, to the investor community. Shares then amounted to P0.33 each, enabling P925 million to be raised.
For the next two years, the remaining P625 million due will be settled through cash and injection of equity of SquidPay, essentially rendering the fintech business a subsidiary of Premiere Horizon.