Bilyonaryo - Business

I got you anak! Brandon Leong’s mom gets P63M PHA shares ahead of showdown with Marvin Dela Cruz

March 12, 2023

Bilyonaryo.com

It seems like Premiere Horizon Alliance (PHA) treasurer Brandon Leong is pulling out all the stops to prevent self-proclaimed fintechpreneur Marvin Dela Cruz from gaining control of the listed-firm.

Leong’s mother, Marian Pena, acquired 191.735 million shares of PHA at 33 centavos each on March 6. Pena raised her total stake by 28 percent to 864.214 million shares.

In its disclosure, PHA said the shares worth P63.27 million were “assigned/transferred/conveyed/ceded” to Pena by Raissa Queri, the second largest stockholder of Dela Cruz’s Squidpay Technology, which was supposed to be injected into PHA under an aborted deal.

ALSO READ: Who’s afraid of Marvin Dela Cruz? PHA treasurer Brian Leong and board delay annual meeting to sort out stock ownership

The PHA management, controlled by Leong, recently deferred for the second time its annual stockholders’ meeting from March 31 to May 15.

The PHA management, which is controlled by Leong, has postponed the annual stockholders’ meeting for the second time from March 31 to May 15, prompting Dela Cruz to accuse Leong of trying to cling on to his board seat longer despite his side’s lack of shares.

Dela Cruz is the single-biggest shareholder of PHA at 24.35 percent with 1.389 billion shares as of end-2022 and is confident of ousting Leong’s group from PHA in an annual meeting.

Leong, Pena and his sister Christina Leong have a combined shares of 2.45 percent in PHA as of end-2022. Majority of PHA shares or 47 percent are in the hands of the public.

It remains to be seen who will come out on top in this showdown between Leong and Dela Cruz for control of PHA. One thing’s for sure, though: it’s going to be a wild ride!

Related News Tags: Brandon Leong, Marian Pena, Marvin Dela Cruz, showdown

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