Serviced apartment Manilla MakatiAs part of its diversification, Premiere Horizon Alliance Corp. is investing in a company that has an interest in an upcoming boutique serviced apartment project in Makati.

In a disclosure to the Philippine Stock Exchange, Premiere Horizon said it subscribed to 25.6 million primary shares for 40 percent of First Ardent Development Corp. at a par value of P1.

The transaction will allow the listed company to participate in the redevelopment of a building on Makati Avenue into a boutique service residence named Y2 Residence Hotel.

The investment is seen to contribute to Premiere Horizon’s income and revenue stream through unit sales or rental income once the project is completed in August.

“The transaction is an opportunity for the company to further its diversification efforts and venture into the booming tourism-related real-estate business,” Premiere Horizon said.

Formerly named Premiere Entertainment Philippines Inc., the company obtained regulatory approval in December 2011 to amend its secondary purpose to include real estate and mining operations as the firm hopes to ride on the boom of these two sectors.

The company continues to offer broadcast rights for its film library titles for TV, video, cable and other medium requiring such titles.

Premiere Horizon also operates e-Games stations in Metro Manila and nearby provinces through Digiwave Solutions Inc., and has three operating subsidiaries—Premiere Events Palace Inc., PEP Metro Leisure Inc. and Premiere e-Teleservices Inc.