“This decision was mutually arrived at after strategically reviewing the current market conditions,” the company said in its disclosure.
“Profit sharing will be based on equity interest participation in the JV company. The JV company’s management and operations will be jointly decided by the parties as provided in the joint venture agreement,” it said. VG Cabuag “In the next three to four months, the new joint venture company is expected to be incorporated with the Securities and Exchange Commission and start to operate. Except for the incorporation of the new JV company with the SEC, registration with the Bureau of Internal Revenue and in the local government where it will operate, there are no other known regulatory requirements for the joint venture,” it said.
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