Yehey! pursues plans to get listed
Posted on February 17th, 2010
After long-delayed listing of its share in local stock market, Yehey! Corp. still wants to pursue its plan of getting listed in the Philippine Stock Exchange (PSE). Should they get listed, Yehey! would the third firm this to get listed by way of introduction this year.
Edmundo P. Bunyi, Jr., president and chief operating officer of Yehey! Parent firm Vantage Equities, Inc. said, “The target for the listing is end of March or early April, that is the new timetable that we are looking at.” “We have been working on the listing requirements for over a year already. To my understanding, it is already in the final stages of approval in the PSE and the Securities and Exchange Commission.”
The intention of Yehey! to get listed was announced in 2005. Unfortunately, decline in the equities market and the global meltdown of the past two years further delayed their plans. Bunyi also disclosed that another factor that caused their delay was government documentation. The company faced a delay in securing a clearance from the Bureau of Internal Revenue (BIR) when it issued property dividends to shareholders.
Now, the local search engine and online content developer once again is vent on getting its shares listed in the local bourse.
“What we will do is list by introduction and give the public the opportunity to invest and participate in a digital marketing plate, which is still not available in the market right now,” Bunyi said.
Listing by way of introduction allows a company to become a part of the PSE without being required to sell its shares to the public for one year.
The first company that was listed by way of introduction this year was the Ayala-led Integrated Microelectronics, Inc. who listed 1.137 billion common shares on the board. It was followed by onlinge gaming publisher IP E-Game Ventures, Inc., who gets listed with 33.545 million common shares last February 17.
