The Securities and Exchange Commission approved the merger of Cebu Holdings Inc. and Cebu Property Ventures Development Corp., two Cebu-based real estate companies owned by Ayala Land Inc.
CHI said in a disclosure to the stock exchange the SEC approved and made effective the merger of both parties on November 6, 2018 under the terms and conditions in which CHI would be the surviving entity.
“The merger will consolidate the company’s portfolio under one listed entity, creating a unified portfolio for its investments and is expected to result in operational synergies, efficient funds management and simplified reporting to government agencies as a result of the merger,” CHI said.
CPVDC requested for a trading suspension of its shares Tuesday with the approval of the merger.
CHI will swap 1.06 common shares for every one share of CPVDC Class A common shares or Class B common shares, totaling to the issuance of anadditional 996,771 million CHI common shares.