ABS-CBN BROADCASTING Corp. has bagged regulators’ approval to consolidate two of its publishing units, documents from the Securities and Exchange Commission showed.ABS-CBN Publishing, Inc., a subsidiary of the media outfit, will absorb Culinary Publications, Inc. (CPI).
"[T]he entire assets and liabilities of Culinary Publications, Inc. will be transferred to and absorbed by ABS-CBN Publishing, Inc..." the certificate of the merger showed.
Culinary Publications has P248,571 worth of liabilities and P441,708 worth of total assets, the document further showed.
"[N]o shares will be issued as a consequence of the transfer since Culinary Publications, the absorbed company, is wholly-owned by the surviving company," one of the documents showed.
The merger was approved last March by the two companies.
Under the agreement, the surviving company will uphold the workers’ arrangement of Culinary Publications.
"[ABS-CBN Publishing shall] honor the terms and conditions of any employee plan and benefit arrangement of Culinary Publications and to pay and provide the benefits required..." the document showed.
Workers of Culinary Publications would also be transferred to the surviving company.
"All employees of Culinary Publications shall be absorbed by ABS-CBN Publishing unless the same would result in redundancy..." the document stated.
No comments:
Post a Comment