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MANILA - Yehey! Corp. bagged the approval of the Securities and Exchange Commission to list by way of introduction at the local bourse.
Documents from the SEC showed the company will list 278 million common shares with a par value of P1 each or an aggregate value of P278 million on the second board of the Philippine Stock Exchange.
As of May 21, the firm had 822 stockholders.
In 2007, Vantage Equities Inc. declared property dividends in the form of Yehey shares, reducing the listed company’s ownership in the firm to 68.35 percent from 98.85 percent, with the intention of eventually listing the company in the bourse by way of introduction.
However, before its listing application could be approved, the bourse suspended the Rules on Listing By Way of Introduction.
Through this listing method, a company can have its existing shares traded on the bourse without having to raise fresh capital. Companies that join the bourse through this listing method are required to stage a public offering 12 months after.
Yehey recorded a net income of P11.2 million last year from a net loss of P15.9 million in 2010.
From a pioneering web portal in the late 1990s, Yehey has grown into a digital online marketing solutions provider in the country.
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