Vantage Equities Inc. has disposed of a 66.95 percent interest in digital marketing arm Yehey! Corp. to focus on its core business in the financial sector.
In a disclosure to the Philippine Stock Exchange (PSE), Vantage said it has entered into a share purchase agreement (SPA) to sell 186.121 million common shares of Yehey! to a group led by Alfonso Yap Go. The transaction covers 66.95 percent majority controlling equity in the listed digital marketing firm.
Priced at P1.56 per share, the transaction amounts to P290 million. The deal will be consummated via a special block sale on the PSE once the mandatory tender offer and the closing conditions have been met.
“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.
The exchange halted the trading of Yehey!’s shares from 9:00 AM to 10:00 AM Wednesday to give the investing public time to digest the transaction of the company.