In a disclosure to the Philippine Stock Exchange, PHA said it will be pursuing opportunities in the AgriTech sector through its existing subsidiary, PH Agriforest Inc.
“PHA aims to leverage on the fintech expertise of its (SquidPay) in the use of technology in agriculture, forestry and aquaculture, to maximize yields and efficiency,” the firm said.
It explained that, “Instead of traditional agriculture practices, PHA will utilize proven Agritech methodologies that focus on comprehensive data collection, analytics and models, and other technological innovations which seek to achieve faster planting, better harvest, lower production cost and optimized market acceptance of products.”
PHA said it will also embark on organic fertilizer production that will promote sustainable farming in conjunction with the various programs of the Department of Agriculture.
The firm said its entry into the AgriTech sector is in line with its vision of countryside development through pioneering technologies and innovative business models.
“Beyond profitability, the Company subscribes to the triple bottom line philosophy of sustainable business with positive social and environmental impact,” said PHA.
PHA said earlier that Squidpay, a contactless payment solutions provider, is acquiring 55 percent stake in the company — to be used as vehicle for its prospective backdoor listing at the PSE.
Squidpay has signed a Memorandum of Agreement with PHA that will allow the financial technology firm to subscribe to a total of 2.8 billion PHA shares at P0.33 apiece.
A third or P300 million of the P925 million transaction value will be settled by Squidpay in cash, while the rest will be paid via combined cash and stock infusion of Squidpay Technology Inc. (SPT) shares in a period of 2 years.(James A. Loyola)
Credit belongs to : www.mb.com.ph