By Leslie D. Venzon
MANILA, Dec. 12 (PNA) — Listed Premiere Horizon Alliance Corp. (PHA) has agreed to pay Php80 million to increase its ownership of Concepts Unplugged Business Environment Solutions, Inc. (CUBES), a cold storage equipment provider, to 51 percent.
In a disclosure to the Philippine Stock Exchange, PHA said it signed a share purchase agreement with CUBES on Friday.
The company said half of the Php80-million equity transaction will be paid by the end of December and the remaining Php40 million by the end of January 2015.
“This investment will be part of the funding commitment of Premiere Horizon for the planned capital expenditure of CUBES estimated at around Php250 million for 2015,” it said.
PHA said that its acquisition of the majority stake in CUBES is aligned with its thrust of invigorating the countryside with its focus on food security by providing accessible and cost-efficient electricity alternative to cold storage facilities.
“This business supports Premiere Horizon’s commitment to environment sustainability by investing in green technology that diminishes dependence on fossil fuels,” it said.
CUBES offers a cooling solution to cold storage facilities that eliminates the need for electricity.
Instead of using their regular condensing units to generate cold air, CUBES will replace these with a patented ThermoChiller system that uses biomass as fuel source.
“This assures cold storage facilities of uninterrupted operation because it is deployed as an off-grid installation. The looming energy crisis with the real possibility of rotating brownouts will no longer be a concern,” PHA said. (PNA)