PSE suspends Premiere Horizon trading

The Philippine Stock Exchange (PSE) suspended Premiere Horizon Alliance Corp. (PHA) for violating trading rules.

The suspension came immediately as PHA shares were trading at P0.37 a share.

The service firm told the PSE its board of directors approved the conversion of its advances into shares of its subsidiary Redstone Construction and Development Corp. (RCDC). The conversion allowed RCDC to own up to 100 percent of the firm’s mineral production sharing agreements companies, namely Pyramid Hill Mining Industrial Corp. and Palawan Star Mining Ventures Inc. (PSMVI).

It added RCDC acquired 98.88 percent of PHMIC and 98.55 percent of PSMVI as of 11 July this year through the conversion.

The PSE said this was covered by Section 5 of the Disclosure Rules or the Disclosure for Substantial Acquisitions and Reverse Takeovers.

That regulation says trading suspension will be implemented “when an issuer or its subsidiary has merged or consolidated with or otherwise acquires a direct or indirect interest in an unlisted company, person or group,” with interest of more than 10 percent of the issuer’s book value.

In May, the PSE slapped a penalty against PHA, along with 14 other listed companies, for their failure to submit their annual reports.