Yehey! to list shares via introduction
Local Internet search engine Yehey! Corp. is getting ready to list its shares at the stock market by way of introduction.
Listing by introduction involves the direct listing and trading of a company’s stocks without going through an initial public offering (IPO). Among those that listed their shares by way of introduction include the Philippine Stock Exchange and
Yehey’s parent firm iVantage Corp. has received a certificate from the Bureau of Internal Revenue authorizing the transfer of 84.79 million shares of Yehey! to stockholders of record as of
This should also pave the way for the five percent property dividend declaration of iVantage totaling P89.42 million, payable in the form of common shares of Yehey! Under the offer, iVantage shareholders will receive five Yehey! shares for every 100 iVantage shares that they own.
The PSE allowed the introducing listing since the Yehey! shares were distributed through property dividend by a listed-issuer (iVintage) to shareholders.
After the dividend payout, iVantage will reduce its holdings to 63 percent of Yehey! while iVantage shareholders will hold 36 percent.
Yehey! develops online marketing campaigns and programs for various corporate accounts and operates the
Currently, Yehey! is the world’s number one Filipino Internet portal and search engine with a strong following among Filipino Internet users worldwide.
With Yehey!’s eventual listing, iVantage shareholders eligible for the dividend can potentially realize additional returns through any market price appreciation.
Yehey!, which is hitting an average of 30 million page views per month, has around 300,0000 registered members.
The company’s bread-and-butter remains online advertising, mostly coming from global-based accounts including Dell, Levi’s, Ford, Intel, Nokia, and Citibank, HSBC and Sun Life Financial.
Yehey! provides daily Philippine and Asian news, business and financial reports, sports, jobs and daily weather forecasts.
It offers 24-hour business feeds and real-time stock quotes for free.
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