| C00724-2025 |
| Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
|---|---|---|
| COMMON | 1,036,281,485 | |
| EEIPA | 15,000,000 | |
| EEIPB | 45,000,000 |
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 |
|---|
Sale of Issuer's 30% interest in its associate, Shinbayanihan Heavy Equipment Corporation |
| Background/Description of the Disclosure |
The Board of Directors approves the terms and conditions of the sale of all of the Issuer's interest in Shinbayanihan Heavy Equipment Corporation to YUK NAN Machinery Company Limited. |
| Date of Approval by Board of Directors |
Feb 6, 2025 |
|---|
| Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
|---|
The sale is part of the Issuer's strategy to rationalize its operations. |
| Date | TBA |
|---|
| Manner |
|---|
Disposition thru payment of cash consideration. |
| Description of the company to be acquired or sold |
Shinbayanihan Heavy Equipment Corporation, a corporation engaged in the business of crane rentals. |
| Number of shares to be acquired or disposed | 20,800 |
|---|---|
| Percentage to the total outstanding shares of the company subject of the transaction | 30 |
| Price per share | 480.76 |
| Nature and amount of consideration given or received |
|---|
Consideration is paid in cash in the total amount of PhP10,000,000.00 |
| Principle followed in determining the amount of consideration |
The consideration was determined thru negotiations between Issuer and Buyer. |
| Terms of payment |
Full payment upon execution |
| Conditions precedent to closing of the transaction, if any |
Subject to securing several conditions precedent. |
| Any other salient terms |
None |
| Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
|---|---|---|
| YUK NAN Machinery Company Limited | None |
| Effect(s) on the business, financial condition and operations of the Issuer, if any |
|---|
Upon completion of the sale, the Issuer will have completely divested all its interest in Shinbayanihan Heavy Equipment Corporation. Other than this, there is no other effect on the Issuer’s business, financial condition and operations. |
| Other Relevant Information |
Kindly refer to the attached SEC FORM 17C. |
| Name | Teresita Salazar |
|---|---|
| Designation | Sr. Legal Services Officer |