SEC OKs dissolution of URC unit

MANILA, Philippines — Gokongwei-led Universal Robina Corp. (URC) has secured approval from the Securities and Exchange Commission (SEC) to shorten the corporate term of a subsidiary.

In a stock exchange filing, URC said that the SEC has given the green light to the amendment of the articles of incorporation of URC Beverage Ventures Inc. (UBVI), shortening its corporation term.

The approval officially dissolves the corporate existence of UBVI.

Meanwhile, URC said the application to shorten the corporate term of another subsidiary, URC Snack Ventures Inc. (USVI), is still pending with the SEC.

Last July, the board of directors and shareholders of USVI and UBVI approved the amendment of their articles of incorporation shortening their corporate terms.

The move is in line of the integration of USVI and UBVI’s operations into its parent company, URC.

URC serves as the listed snack food giant of the Gokongwei Group.

The company is behind iconic food and beverage brands such as Great Taste, C2 Cool & Clean, Piattos, Maxx candy and Cream-O cookies. Its leading regional brands include Lexus, Tivoli and Fun-O.

During the first half, URC recorded a five-percent increase in its core net income to P6.7 billion as higher tax provisions offset operating income growth.

Net income from continuing operations grew by eight percent to P7.6 billion during the period on higher operating income and impairments in last year’s base.

Sales from January to June saw a three-percent improvement to P80.7 billion driven by higher sales volumes across all business units.