THE Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) have approved the application of Yehey! Corp. to change its corporate name and the par value of its shares as part of its bid to transition into a holding company led by businessman Alfonso Yap Go.
In a notice posted on its website, the PSE said the change in name of Yehey! to Apollo Global Capital Inc. (APL) and the reduction of the par value of its shares to P0.01 each from P1 took effect yesterday, October 20.
The PSE approved the company’s amended articles of incorporation on Wednesday, October 19, while the SEC gave its approval last October 13.
Trading of APL shares was halted from 9 a.m. to 10 a.m. on Thursday, October 20, to give the investing public time to digest the changes in the company.
In December last year, the company’s shareholders approved the proposed change in company name and purpose and the increase in its authorized capital stock to P3 billion from P1 billion, as well as the change in the par value of shares to P0.01 from P1 without diluting its capital.
This developed after group led by Alfonso Yap Go acquired a 66.95-percent majority controlling stake in Yehey Corp. for P290 million, taking over the company in October.
Prior to the takeover, Yehey had been in operation for 17 years as a digital group providing content, design and management services particularly for websites, mobile applications and Facebook brand building.