Chemical Industries of the Philippines (Chemphil) said Thursday its board approved the plan to change its name to Uniholdings Inc.
Chemphil, formed in 1959, said the name change would reflect the company’s plan to “invest in and/or to engage in real-estate business.”
At the same time, the Chemphil board also approved a plan to undertake a follow-on offering equivalent to 10 percent of the rarely traded company.
The 1.03 million shares to be sold via a secondary offering will come from three major shareholders. Chemholdings Corp. and A2K Holdings Corp, will each unload 504,533 shares, whose total account for 9.8 percent in Chemphil. RG Holdings Corp., meantime, will sell 20,595 shares, equivalent to 0.2 percent stake.
Chemphil and its subsidiaries are primarily engaged in the manufacture, sale and distribution of industrial chemicals and leasing of office space to related and outside parties.
The company’s shares were last traded on Dec. 14 and closed at P150. Its public float is around 20 percent and market capitalization of P1.5 billion.
