GOKONGWEI-LED Universal Robina Corp. (URC) said that the Securities and Exchange Commission (SEC) had approved the dissolution of snack units URC Beverage Ventures Inc. (UBVI) and Universal Snack Ventures Inc. (USVI).
GOKONGWEI-LED Universal Robina Corp. said that the Securities and Exchange Commission had approved the dissolution of snack units URC Beverage Ventures Inc. and Universal Snack Ventures Inc. .'The SEC approved on October 21, 2024 the amendment of UBVI's AOI shortening its corporation term, thereby officially dissolving the corporate existence of UBVI,' URC said in stock exchange filing on Monday.The regulator on Nov.
URC had filed for the dissolution of the two units in March by shortening their corporate terms from 90 years to nine years and 11 months to end on March 29, 2024 for USVI and from 40 years and six months to end on March 27, 2024 for UBVI.The units are being dissolved to integrate their operations into the parent company, URC.In April, USVI's board approved the declaration of liquidating dividends to URC amounting to P672 million, which were paid on May 6.
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