Listed financial holding firm Vantage Equities Inc. has finalized the sale of its 66.95 percent interest in its digital marketing arm Yehey! Corp.
“The disposition of Yehey shares is part of the company’s strategy to maintain its focus on its businesses in the financial sector,” Vantage said.
In a disclosure to the Philippine Stock Exchange (PSE), Vantage said it completed the transfer of 186.121 million common shares in Yehey! to a group of buyers led by Alfonso Yap Go on Thursday after a mandatory tender offer was conducted.
Under a share purchase agreement (SPA) signed in July, the transaction was priced at P1.56 per share amounting to a total consideration of P290 million.
The SPA indicated that the shares will be transferred via a special block sale at the PSE once the mandatory tender offer and the closing conditions are complied with.
Incorporated in 1992, Vantage is engaged mainly in financial holdings, investments and remittances as well as a minor business in internet services via Yehey!.
Its subsidiaries are e-Business Services Inc., eBiz Financial, iCurrencies Inc., Philequity Balanced Fund Inc., Philequity Foreign Currency Fixed Income Inc., Phil Equity Dividend Yield Funds Inc., and Philequity Management Inc.
Yehey! is a digital marketing company that offers marketing solutions online since 1998.