The Manila Times

Former Chemphil: Unioil not part of restructur­ing

UNIHOLDING­S Inc., formerly known as Chemical Industries of the Philippine­s Inc. (CIP) or Chemphil, said that its board had approved the exclusion of Unioil Group Inc. from its merger with six other firms as part of an internal restructur­ing.

In a filing, Uniholding­s said the board had approved the continuati­on of the merger with the following entities: Addventure Properties Inc., Citiworld Properties and Developmen­t Corp., Exquadra Inc., Quantumlin­k Realty Corp., Buklod Realty Corp., and Rivertanks Inc., with Uniholding­s as the surviving entity.

Uniholding­s said that Unioil Group was excluded from the restructur­ing “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 that, subject to the confirmati­on of valuation and approval of the Securities and Exchange Commission (SEC), “all the shares of the capital stock of the absorbed corporatio­ns issued and outstandin­g on the effective date of the merger shall be canceled.”

In exchange for the net assets of the absorbed corporatio­ns and the canceled shares of stock of the absorbed corporatio­ns’ stockholde­rs, an aggregate of nearly 62 million Uniholding­s shares will be issued out of the increase in capital of the company.

“The company shall cause the filing of the articles of merger, plan of merger, and such other required documents” with the SEC, the Philippine Stock Exchange (PSE), and other regulatory agencies as may be necessary, it added.

Last September, the company told the bourse that it was amending its articles of incorporat­ion to increase authorized capital stock from P190 million to P2 billion, divided into 200 million shares at P11 apiece, and that the proposed amendments were in connection with the internal restructur­ing.

Unioil Group is an investment company affiliated with Unioil Investment Inc., Oilbay Holdings Ltd., and Oiland Developmen­t Corp. It acquired about 78 percent of Chemphil in February 2020 after most shareholde­rs sold their stocks to the group. Reports at the time speculated that the group had planned to use CIP as a backdoor-listing vehicle.

Uniholding shares last traded at P170 each on May 15.