Shareholders of Bankard Inc. have approved the transfer of its credit card operations to Rizal Commercial Banking Corp., paving the way for the backdoor-listing of new businesses into the shell company.
In a disclosure to the Philippine Stock Exchange Tuesday, Bankard said its shareholders agreed to the sale of all or substantially all of its assets and liabilities to RCBC and RCBC Bankard Services Corp.
For credit cardholders, this is deemed business as usual as Bankard’s operations will only be folded into the Yuchengco group’s main banking arm RCBC. However, the credit card business will cease to be a separately listed company and instead consolidated into RCBC.
Shareholders also agreed to amend Bankard’s articles of incorporation to change its name and primary purpose into a property holding firm, subject to the approval of the Securities and Exchange Commission.
Based on the disclosure, Bankard’s corporate name will be changed to Bright Kindle Resources and Investments Inc., whose primary purpose will be to acquire properties for investment or otherwise, and to sell, assign, transfer, exchange, lease, let, develop, mortgage, pledge, deal in and with and otherwise operate, enjoy and dispose of, any and all properties.
The PSE, in a memorandum, said the rules on backdoor listing may be applicable in this transaction. A trading halt on Bankard shares was implemented yesterday from 9 a.m. to 10 a.m. to allow investors to assess the material information.