Uniholdings Inc., formerly called Chemical Industries of the Philippines Inc., said Thursday its board approved a plan to exclude the Unioil Group Inc. from the internal restructuring or merger of the listed company with other companies.
Uniholdings said it will be the surviving entity post merger with six other companies as Riverbanks Inc., Addventure Properties Inc., Citiworld Properties and Development Corp., Exquadra Inc., Quantumlink Realty Corp., and Buklod Realty Corp.—with the last four companies deriving revenue from leasing activities.
The listed company will issue to the owners of each absorbed entity a total 61.9 million shares in exchange for full ownership. At the stocks’ last closing price of P170 each, the merger is valued at P10.54 billion. The valuation of the proposed merger is still subject to regulatory approval.
Uniholdings in September raised its authorized capital to P2 billion from P190 million to facilitate the planned merger.
“After a careful review of the business plan of the company and its affiliates, the company has adopted the above resolutions to clearly delineate and define the lines of businesses within the organization, with Uniholdings, Inc. focusing primarily on businesses related to real estate,” Uniholdings said.
Late last year, Uniholdings board approved a follow-on offering equivalent to 10 percent of the rarely-traded stock.
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, which account for an aggregate 9.8 percent in Chemphil.
RG Holdings Corp. will sell 20,595 shares, equivalent to a 0.2 percent stake.
