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Friday, March 29, 2024

Vynex offers to buy listed Metro Alliance

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Signage manufacturer Vynex Signs Philippines Inc. offered to acquire a majority stake in Metro Alliance Holdings Equities Corp., a dormant listed company controlled by businessman William Gatchalian.

Metro Alliance said in a disclosure to the stock exchange it received a letter of intent from Vnyex Signs which indicated its desire to purchase the majority control of the company.

The deal is subject to a mutually agreeable share price and a satisfactory due diligence review of the company’s financial accounts and operations.  It is also subject to lifting of the trading suspension of Mahec’s shares at the Philippine Stock Exchange.

Trading of Mahec has been suspended since May 2007 for failure to submit financial reports.  The stock was last traded on May 17 when it closed at P0.70 per share.  It had a market capitalization of P128.5 million.

Mahec is one the listed firms affiliated with Gatchalian-owned Wellex Group. It is a holding company with investments in contract logistics and supply chain management services, including third party warehousing and distribution, consultancy and project management and value added services to customers.

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Vynex Signs was established in March 1993 by employees of Vynex Signs Asia based in Singapore. In 1995, Vynex Signs became a full-pledged signage manufacturing company equipped with machines and skilled personnel to tackle the growing market in the Philippines and neighboring countries.

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