Insurance giant Cocolife takes P100M stake in PHA after loan conversion
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Insurance giant Cocolife takes P100M stake in PHA after loan conversion

United Coconut Planters Life Assurance Corp. (Cocolife) led by president Jose Martin Loon has taken a P100 million stake in Premiere Horizon Alliance (PHA).

Cocolife converted PHA convertible notes into 142.857 million shares or 2.5 percent of the holding company which is currently transitioning into a fintech under SquidPay Technology.

The PHA board approved the issuance of a total of 540.983 million shares at a strike price of 70 centavos per share to Cocolife and other holders of its convertible notes.

PHA EVP Raul Anonas said the conversion reduced PHA’s debt by P378.7 million.

Aside from Cocolife, the other note PHA note holders that converted their shares are:

* Asian Alliance Investment (P67.32 million)

* PBB Trust and Investment Center (P60.33 million)

* SJ Roxas & Co. (P55.07 million)

* Raul Anonas (P50.65 million)

* Taricisio M. Medalla (P10.334 million)

* Abigail Arcilla (P10.334 million)

* Roberto V. San Jose (P10.334 million)

* Jaime Cabangis (P3.304 million)

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