PHA Corp. cancels SquidPay acquisition

By Ed Paolo Salting

Oct 15, 2022 12:14 am

PREMIERE Horizon Alliance Corp. (PHA) announced on Friday that its board of directors has decided it will no longer pursue its planned acquisition of 33 percent of SquidPay Technology Inc. (SPTI), which was valued at P561 million.

The planned acquisition of 33 percent of the company was announced on Nov. 18, 2021 at a time when the demand for digital wallets was rapidly rising. SPTI was earlier granted its Electronic Money Issuer (EMI) license in December 2020 by the Bangko Sentral ng Pilipinas.

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