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HIGH above the sparkling surface of the Athens coastline, the cranes for building the 50-floor luxury tower centerpiece of Greece's future «smart city» look out over the Saronic Gulf. At their feet, construction machinery stirs up dust.
Premiere Horizon Alliance [PHA 0.18, down 1.6%; 247% avgVol] [link] gave notice that its 2018 property dividend has been canceled due to PHA’s failure to obtain regulatory approval. The dividend in question was declared back on March 20, 2018, and was meant to distribute 268 million shares of Redstone Construction and Development Corporation to PHA shareholders. The PHA board met on December 11 and decided to cancel the property dividend to avoid violating the SEC’s prohibition against the distribution of unauthorized property dividends. PHA is best known for Marvin Dela Cruz’s failed backdoor play to list his e-payments app company, SquidPay, and all of the legal infighting that has since occurred between the new and old guard, and even between members of Marvin Dela Cruz’s own ownership team.
Senator Ronald "Bato" Dela Rosa
PH Resorts Group [PHR 0.60, down 4.8%; 487% avgVol] [link], the casino resort arm of the crumbling Dennis Uy mini-empire, disclosed that its parent company, Udenna Corp., has signed a memorandum of understanding (MOU) with EEI Corp. [EEI 3.54, up 6.0%; 151% avgVol]. According to PHR, the MOU “provides an avenue for a potential partnership between EEI and PHR” regarding PHR’s Emerald Bay Resort and Casino Project (hereafter, “the Cursed Casino”). PHR said that the MOU “also paves the way for EEI to execute an agreement with PHR... to finance, construct, and complete the Emerald Bay Project, upon the execution of definitive documentation.”
It looks like the Department of Public Works and Highways is up to its old tricks again. This time, involving the Laguna Lakeshore Road Network Project, Phase 2.
MANILA, Philippines — The population in penitentiaries under the Bureau of Jail Management and Penology (BJMP) decreased last year due to plea bargaining rules, the latest report from the Commission on Audit (COA) said.
Bilyonaryo [link] reported that Francis Lloyd Chua has “struck a deal” to buy a controlling 67% stake in Asiabest Group International [ABG 26.20, down 1.1%; 294% avgVol]. According to the article, Francis Lloyd Chua will make the acquisition through his companies, PremiumLands Corp and Industry Holdings and Development Corp. No terms of the deal were disclosed.
LONDON, United Kingdom -- Sumo will stage a tournament outside Japan for the first time in 20 years when the sport's top wrestlers lock horns at London's Royal Albert Hall next October.
MANILA, Philippines — The Philippine Navy has developed its own version of Beijing's "gray zone" tactics to counter Chinese vessels in the West Philippine Sea, its chief said on Wednesday, December 4, during his confirmation hearing with the Commission on Appointments in the Senate.