Top Property Stock Has Qatari Bet on Beautiful Island to Thank - Bloomberg:
A Qatari fund’s bet in one of the world’s most beautiful islands is driving this year’s hottest property stock rally.
Premiere Horizon Alliance Corp., which is building one of the largest Philippine tourism estates, has more than tripled this year, beating all of its global peers with more than $15 million in market value. And more gains may be coming, says Chief Executive Officer Augusto Serafica Jr. Just wait until Qatar’s Sama Global Investment releases the funds to develop Premiere’s 850-hectare property in the western island of Palawan, he says.
Investors are hoping the money will revive the former film-making company, whose stock fell in seven of the past 10 years. Sama is ready to lend Premiere more than $280 million, about 16 times the builder’s capital and 23 times its market value of 647 million pesos ($12.2 million) as of December, as soon as Premiere completes its requirements -- it needs to provide documents including a business plan, said Serafica, declining to give a timeline.
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