New External Auditor: Premiere Horizon Alliance Released Results of Special Stockholders’ Meeting

In a PSE Disclosure dated April 3, 2025, Premiere Horizon Alliance Corporation (PHA) wishes to clarify the current status of the corporation in relation to what transpired during the Special Stockholders’ Meeting (SSM) held on March 28, 2025.

The SSM had two items in the agenda with one main goal – to appoint Valdes Abad & Company, CPAs (“Valdes”) as PHA’s new external auditor for the year ended 2024. To recall, on 27 January 2025, PHA disclosed to PSE, as duly posted in PSE EDGE, that its Board of Directors approved the termination of the services of Reyes Tacandong & Co. (“RT”), due to a perceived conflict of interest which ultimately resulted to the loss of trust and confidence by PHA’s management.

PHA’s Audit and Risk Oversight Committee found that RT was appointed as the Corporation’s external auditor in the Annual Stockholders’ Meeting held on 28 June 2024, and RT subsequently became the external auditor of Marcventures Holdings Inc., and Bright Kindle Resources & Investments Inc.,companies where Mr. Augusto Antonio C. Serafica, Jr. (“Mr. Serafica”) is President. To PHA, this poses a potential conflict of interest, considering that RT will be in possession of documents and sensitive information of both opposing parties. As a preventive measure and in the exercise of prudence and good governance, PHA’s Board resolved to replace RT with an equally reputable external auditor.

Knowing that such change needs stockholders’ approval, PHA’s management set the SSM to acquire the same. However, to the dismay of management, and due to the maneuverings of certain individuals, PHA failed to acquire the necessary quorum to transact business. Hence, Valdes was not validly appointed as PHA’s new external auditor.

PHA likewise received certain correspondences from Mr. Serafica, addressed to the Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC), alleging issues on corporate governance and oversight with the intended change in external auditor. PHA’s management categorically denies such baseless allegations and recognizes the malicious intent from which they arose. To recall, Mr. Serafica, PHA’s former CEO is entangled in litigation with PHA for cases of estafa involving his misuse of corporate funds.

PHA’s replacement of RT to Valdes as its external auditor for the year ended 2024 was neither “sudden” nor under “vague pretenses” as Mr. Serafica claims in his letter to the SEC. The decision was considered very carefully by PHA’s Audit Committee before being presented to PHA’s Board of Directors for approval. The investing public was made aware of these decisions, as each act was duly disclosed to the SEC and PSE.

​Premiere Horizon Alliance Corporation (PHA) is an investment holding company that maximizes corporate value by focusing on projects that invigorate the countryside. Strengthened by a future-looking mindset and a commitment to excellence, PHA continues to expand into industries with a high growth potential.

Formerly known as Premiere Entertainment Philippines, Inc., PHA became the first public company engaged in the production of motion pictures in the country in 1997. In 2008, the Company ventured into the operation of internet casino stations when it acquired Digigames, Inc.. Three years later, the Securities and Exchange Commission authorized the Company to expand to the mining and real estate industries. In 2014, PHA raised 620 million from the sale of Total Gamezone Extreme Inc. to Leisure and Resorts World Corp (LRWC). Prior to the transaction, Digiwave, transferred all its assets to TGXI.