ONE of the Philippines’ oldest dotcom firms Yehey! Corp. is bowing out of business after 17 years as its new controlling shareholder group prepares for the backdoor listing of new businesses into its publicly listed shell company.
In a disclosure to the Philippine Stock Exchange on Monday, the company said its board of director had authorized management to wind down the operations of Yehey’s digital marketing business.
The board also agreed to assign the non-cash asset and liabilities of Yehey to original parent firm Vantage Equities Inc. The total amount assigned amounted to a net liability of P2.69 million.
This followed a deal made by Vantage to sell a 66.95 percent interest in Yehey to a group of buyers represented by one Alfonso Yap Go for P290 million. Go has been president of the Agricultural Bank of the Philippines since 2010.