Listed digital marketing firm Yehey! Corp is transferring its assets and liabilities to its former owner and will end up as a shell company after 17 years of operation.
In a disclosure to the Philippine Stock Exchange, Yehey said its board of directors approved winding down the operations of its digital marketing business.
Besides dissolving the business, Yehey’s board also approved the transfer of non-cash assets and liabilities to former owner Vantage Equities Inc. amounting to a net liability of P2.69 million.
Last month, Vantage Equities completed the sale of its 66.96-percent stake in Yehey to a group of buyers led by Alfonso Yap Go for P290 million, on the heels of a mandatory tender offer.
Since 1998, Yehey has been operating a digital group that provides content, design and management services in the digital space, particularly websites, mobile applications and brand-building on Facebook.
Dissolving the digital marketing business would mean Yehey will end up as a listed shell company which can be used by another group or company for backdoor listing on the stock exchange.