Taking profits: Marvin Dela Cruz cashes in on P174M PHA shares; CEO Augusto Serafica joins selloff with P73M shares
Business

Taking profits: Marvin Dela Cruz cashes in on P174M PHA shares; CEO Augusto Serafica joins selloff with P73M shares

Self-styled fintechpreneur Marvin Dela Cruz has already cashed in on some of his stake in Premiere Horizon Alliance (PHA) even as investors continue to wait for him to fold in SquidPay Technology into the cash-strapped listed company.

Dela Cruz disclosed that he sold a total of 133 million shares of PHA (nearly three percent of the company) on August 11 at P1.30 per share.

READ: From P1 to 70 centavos: PHA slashed strike price on convertible notes to insiders but didn’t reveal it in 2020 AFS

Dela Cruz was left with 1.498 billion shares or 29.9 percent of PHA, including 1.389 billion unlisted shares he bought at 33 centavos per share in October 2020 (one-third paid in cash with the balance to be paid over two years).

These shares, issued in May 2021, are part of the P925 million, 2.539 billion shares (55 percent of PHA) deal with Dela Cruz’s group which planned to use PHA as a backdoor listing for SquidPay Technology, a digital payment platform formed in May 2020.

READ: Paano naman small investors? PHA craters by 50% after its top executives get more shares at steep discount

PHA said Squidpay would be folded in by the third quarter this year.

Aside from Dela Cruz, PHA president and CEO Augusto Serafica also unloaded a significant chunk of his stake in the company.

Serafica sold 55 million PHA shares at P1.33 per share on the same day that Dela Cruz took profits.

READ: Raul Anonas replies to Bilyonaryo article on PHA’s discounted purchases, loans

The sale left Serafica with 261.57 million shares or 5.22 percent of the company, including the 200 million unlisted shares he acquired after converting his loans to PHA into equity at a strike price of 33 centavos per share.

 

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