RYM raises stake in dormant Prime Media

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RYM Business Management Corp., a business and management consultancy firm, has purchased more shares in Prime Media Holdings Inc. to hold a majority interest in the dormant firm.

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In a disclosure to the Philippine Stock Exchange, Prime Media said RYM bought additional 311.784 million shares for P131.596 million.

This will increase RYM’s shareholdings in Prime Media to 87.37 percent from 42.77 percent.

RYM bought the 311.784 million shares from Neo Oracle Holdings Inc. (93.685 million shares for P57.051 million) and Metro Tagaytay Land Company Inc. (218.099 million shares for P74.544 million). The transaction was consummated on December 18.

Prime Media does not operate at present, but the company noted in its quarterly report it is cleaning its books to attract investors. This is part of efforts to raise capital, pursue “new business and settle its liabilities.”

As a consultancy firm for both private and government organizations, RYM is associated with the Romualdez family. The company has a 70 percent stake in listed OFW financing firm AG Finance Inc. and a controlling stake in credit card issuer Bankard Inc. – formerly of the RCBC Group – as well as a 16 percent stake in Benguet Corp.

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