Premiere Horizon Alliance Corp. said Friday it canceled its planned acquisition of a 33-percent stake in digital payments firm SquidPay Technology Inc.
PHA said in a disclosure to the stock exchange its board of directors decided in a special meeting that it would no longer pursue the planned acquisition over the latter’s “inability to operate as viable business”.
“The decision of the board of directors has been made following the determination that purchasing SPTI is no longer in the best interest of PHA and its shareholders given SPTI’s inability to operate a viable business,” the company said.
PHA reported in November 2021 that it was acquiring a 33-percent interest in STPI owned by businessman Marvin Dela Cruz. PHA said the demand for e-wallets was rapidly rising, and SPTI was granted an operator of payment system license, followed by electronic money issuer license.