Manila Times.net
Published : Saturday, November 26, 2011 00:00 Written by : Krista Angela M. Montealegre
PREMIERE Entertainment Philippines Inc. (PEP) is setting the stage for a possible venture into the energy and mining industries.
Maricel Baltazar, PEP deputy corporate information officer, said the company’s board approved the inclusion of mining and energy among its secondary purpose.
“The board sees there are a lot of opportunities if we set our sights on energy and mining prospects,” said Baltazar.
PEP will also change its corporate name to Premier Horizon Alliance Corp. because its current name is “too limiting to a particular industry.”
The board also approved the decrease in the company’s authorized capital stock from P1.8 billion to P563.56 million following the reduction of the par value of common shares from P1 to P0.25 per share, thus wiping out PEP’s deficit.
Incorporated in 1988, PEP, originally known as Premiere Films International Inc., was engaged in the business of producing foreign movies.
In 1997, the company ventured in the gaming industry as part of its whole entertainment offer. It acquired IT gaming company Digiwave Solutions Inc., which operates Pagcor’s e-Games stations in Metro Manila and nearby provinces, through a share-swap transaction
In 2008, PEP amended its company name to Premiere Entertainment Philippines Inc., which continues to offer broadcast rights for its film library titles for TV, video, cable and other medium requiring such titles.
Besides Digiwave, PEP has three operating subsidiaries, namely Premiere Events Palace Inc., PEP Metro Leisure Inc. and Premiere e-Teleservices Inc.
Its shares were unchanged at P0.315 each on Friday.
No comments:
Post a Comment