C00837-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 2,204,161,868 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Joint Venture Agreement between Universal Robina Corporation ("URC") and Vita International Holdings Limited ("Vitasoy") |
Background/Description of the Disclosure |
URC has agreed to enter into a joint venture with Vitasoy for the production and distribution of consumer goods, optimize resources and achieve market efficiency in the Philippines. |
Date of Approval by Board of Directors | Feb 15, 2017 |
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Date of Approval by Stockholders, if applicable | N/A |
Description and nature of the transaction including the timetable for implementation, and related regulatory requirements |
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The joint venture company called Vitasoy-URC, Inc. shall be equally owned by URC and Vitasoy. It is expected to start commercial operations in May 2017. |
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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Through the joint venture, URC aims to enter the plant milk market and increase the sales and portfolio of its beverage business in the Philippines. |
Amount of investment and/or interest by the parties involved |
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The initial paid-in capital of the joint venture company is Php10,000,000. |
Provisions on profit-sharing, arrangements on management and operations |
URC and Vitasoy will each hold 50% of the shares of the joint venture company. |
Conditions precedent to closing of transaction, if any |
The effectivity of the joint venture agreement is subject to the following: board approvals of both URC and Vitasoy and approval of the terms of the related-party agreements to be entered into by the joint venture company. |
Other salient features of the joint venture agreement |
N/A |
Name | Nature of Business | Nature of any material relationship with the Issuer, their directors/officers or any of their affiliates | |
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Vita International Holdings Limited | Vita International Holdings Limited is a wholly-owned subsidiary of Vitasoy International Holdings Limited. Vitasoy International Holdings Limited manufactures and sells nutritious and tasty plant-based foods and beverages with main markets in Hong Kong, China, Australia/New Zealand, and Singapore. | None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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N/A |
Other Relevant Information |
Please see attached Press Release entitled "URC and Vitasoy Group in Joint Venture To Promote High-Quality Sustainable Plant-based Beverage Products". |
Name | Rosalinda Rivera |
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Designation | Corporate Secretary |