In todays disclosure in the PSE market, Premiere Horizon is not pursuing anymore the acquisition on Squidpay. Mr Marvin Dela Cruz owns at least 60% of outstanding capital stock of Squidpay Technology.

Board of Directors of PHA held a special meeting on 13 October 2022, and decided that it will no longer pursue its planned acquisition of 33% of SquidPay Technology, Inc. (“SPTI”), valued at Php561 million.

The decision has been made by PHA’s board of Directors,  following the determination that purchasing SPTI is no longer in the best interest of PHA and its shareholders given SPTI’s inability to operate a viable business.

The planned acquisition of 33% of SPTI was announced on 18 November 2021, at a time when the demand for e-wallets was rapidly rising. SPTI was earlier granted its Operator of Payment System (“OPS”) license, followed by its Electronic Money Issuer (“EMI”) license.

Subscription to these shares was valued at Php0.33 per share, for a total consideration of Php925 million. Of this amount, Php300 million was to be in cash and the balance of Php625 million was to be via a combination of cash and/or infusion of SPTI shares over a period of two years as set forth in the MOA which formed the basis of the subscription agreements.

PHA and Mr Marvin Dela Cruz had some exchange of formal letters  during the past several months to discuss and agree on how to pay the unpaid subscriptions.

PHA has noted that SPTI has not been able to execute on its planned projects nor attain its objectives.

Notably, roll-outs in key cities and partnerships with government agencies did not materialize. SPTI has also been embroiled in recent financial troubles that make it clear that SPTI will not add value to PHA. Mr. Dela Cruz has also not responded to PHA’s requests for meetings to discuss the valuation of SPTI.

From the total subscription of 2,803,030,303 shares, the investor group of Mr. Dela Cruz has already paid fully 1,124,658,104 shares at a subscription value of Php317,137,174.00. PHA has a subscription receivable of Php553,862,825.67 from the investor group for the remaining 1,678,372,199 shares.


Since PHA will no longer be acquiring SPTI, the investor group will be required to pay the remaining balance in cash. As provided in the MOA, the Board has reiterated and confirmed that the investor group has until 29 October 2022 to complete the payment as per the terms of the agreement.

Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=8be71f9212f55d3b3470cea4b051ca8f

PHA share price is currently hovering at 0.27 peso/share.

PHA yesterday disclosed in PSE Edge that it has receive a notice of Writ of Preliminary Attachment (WPA)  from Nuovo Gran CT Inc. (NGCTI).

A writ of attachment (WPA) is a form of prejudgment process in which a court orders the attachment or seizure of property described in the writ

There is an allege NGCTI’s application for a Writ of Preliminary Attachment (WPA) against the properties of SquidPay Technology Inc. (SPTI) and Marvin C. Dela Cruz (MDC). It alleges that this has been granted by the Regional Trial Court, Manila, Branch 45 on September 28, 2022.

“NGCTI’s WPA application allegedly includes SPTI and MDC’s shares of stock in PHA, as security for NGCTI’s claim of Php100.0 Million against SPTI and MDC. Based on the copy of the Order, NGCTI entered into a Convertible Loan Agreement on December 14, 2020 with Marvin C. Dela Cruz/SquidPay Technology, Inc. for Php100.0 Million, with a maturity date of June 14, 2022, 18 months from the execution of the contract.”

“The loan may be paid through PHA shares should NGCTI exercise said Conversion Right. NGCTI served a Conversion Notice to exercise the right pursuant to the Conversion Agreement. These were not heeded, and SPTI failed to pay the loan on its maturity date of June 14, 2022”

NGCTI is notifying PHA and requesting assistance for the implementation of the corresponding WPA through the levy of the PHA shares in favor of NGCTI.

“As previously disclosed, on October 29, 2020, PHA entered into a Memorandum of Agreement (MOA) with an investor group led by Marvin Dela Cruz for the equity infusion through a subscription of a total of 2,803,030,303 shares (the “Subscription Shares”) or up to 55% ownership in PHA.

Subscription to these shares will be at Php0.33per share for a total consideration of Php925.0 Million, of which Php300 Million will be in cash and the balance of Php625 Million will be via a combination of cash and/or infusion of Squidpay Technology Inc (SPTI) shares over a period of 2 years”

“On November 17, 2021, the PHA Board approved the acquisition of thirty-three percent (33%) of SquidPay Technology Inc. (SPT) for Php561 Million equivalent to two hundred sixty-four million (264 million) existing and outstanding shares of SPT owned by the group led by Mr. Marvin Dela Cruz and will be subject to final PHA Board approval. The funding will come from the Php625 million subscription payable by the group in accordance with the abovementioned MOA, with the deadline of October 29, 2022 for the subscription”.

Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=a336df67cec324833470cea4b051ca8f

Share prices of PHA dropped by more than 13% at the opening of the day for market trading. Price bounce and is currently down by -9% as of the time of writing.

PHA stock chart