YEHEY Corp. is transitioning from a digital marketing firm to a holding company after a group led by Alfonso Yap Go acquired a majority controlling stake for P290 million.
Shareholders approved during the annual stockholders’ meeting on Friday the change in its corporate name and purpose as well as an increase in its authorized capital stock, the company said in a disclosure to the Philippine Stock Exchange on Monday.
From Yehey Corp., the company will change its name to Apollo Global Capital Inc. in line with the change in its primary purpose “to that of a holding company” from its previous operations as a digital marketing firm.
The company earlier dissolved its digital marketing business and transferred all its assets and liabilities to former owner Vantage Equities Inc.
At the same meeting, the shareholders approved an increase in the company’s authorized capital stock to P3 billion from P1 billion and a change in the par value of its shares to P0.01 from P1.00 apiece without diluting its capital.
The stakeholders appointed Klarence Dy and Raymond Ricafort as independent directors for a single term of one year.
The transformation is still subject to the approval of the Securities and Exchange Commission.
Before the Yap Go group took over the firm in October, Yehey has existed for 17 years as a group that provides content, design and management services in the digital space, particularly websites, mobile applications and Facebook brand building.
The group holds 66.95 percent controlling stake in Yehey.