Home Forex Uniholdings merger with 6 firms gets regulator’s approval

Uniholdings merger with 6 firms gets regulator’s approval

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MICHAEL FOUSERT/UNSPLASH

LISTED Uniholdings, Inc. has secured approval from the Securities and Exchange Commission (SEC) for its planned merger with six entities as part of its transition into an investment holding company.

The SEC approved the merger on Dec. 27, 2023, Uniholdings said in a regulatory filing on Wednesday.

Uniholdings, formerly known as Chemical Industries of the Philippines, Inc., is merging with six real estate firms: Rivertanks, Inc., Addventure Properties, Inc., Citiworld Properties and Development Corp., Exquadra, Inc., Quantumlink Realty Corp., and Buklod Realty Corp.

Chemical Industries is engaged in the manufacture, sale, and distribution of industrial chemicals, and also leases office space.

“As a result of the merger, the assets, rights, and liabilities of the six absorbed companies will accrue to and be owned by Uniholdings as surviving entity. In exchange, common shares of Uniholdings will be issued to the shareholders of the absorbed companies,” Uniholdings said.

Alongside the merger, the SEC also approved the increase in Uniholdings’ authorized capital stock to P2 billion, divided into 200 million shares, from P190 million, divided into 19 million shares.

Uniholdings will issue 64.42 million shares from the increased capital stock in exchange for the net asset value of the absorbed companies and the canceled shares of stock of the absorbed companies’ shareholders.

Rivertanks and Buklod Realty share the same controlling shareholders and certain common directors and officers with Uniholdings.

Citiworld, Exquadra, and Quantumlink each own 12.78% of Uniholdings, while Addventure has an indirect stake in Uniholdings through Citiworld.

The merger was approved by the company’s board in August 2023.

In September 2024, stockholders approved the exclusion of Unioil Group, Inc. from the planned merger.

The merger forms part of Uniholdings’ strategy to transform itself into an investment holding company and to achieve greater operational efficiency and economies of scale.

Uniholdings shares were last traded on May 14, closing unchanged at P170 apiece. — Revin Mikhael D. Ochave

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