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Vantage Equities sells stake in Yehey!

MANILA, Philippines - Holding company Vantage Equities Inc., has sold a controlling stake in its Philippine-based digital marketing company Yehey! Corp. to a group of buyers led by Alfonso Yap Go.

In a disclosure to the Philippine Stock Exchange yesterday, Yehey! said the deal, priced at P290 million, involves the sale of Vantage’s 66.95 percent stake in Yehey!

Specifically, the transaction involves 186.12 million shares of Yehey! at a price of P1.56 per share.

“The sale effectively transferred control of the company to a group of buyers represented by Alfonso Yap Go, acting for himself and as attorney-in-fact of his co-buyers, subject to the completion of the mandatory tender offer as prescribed by the rules of the Securities and Exchange Commission and other closing conditions,” Yehey! said.

The company said the buyers are still in the process of evaluating options for the company and will disclose their plans to the local bourse at the appropriate time.

“This sale is subject to the completion of a mandatory tender offer (MTO) and the certain closing conditions as provided for in the share purchase agreement (SPA). Once the MTO and the closing conditions are complied with, the shares of the SPA will be transferred via a special block sale on the Exchange. The company shall conduct a mandatory tender offer,” the company said.

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Yehey! offers marketing services such as Web design and development, Web management, media buying and planning, digital public relations (PR) and reputation management, digital strategy, social media marketing, digital research and digital strategy.

In the digital space, it operates three segments: Web development and production, media sales, and digital PR and strategy.

Through Web development and productions, the company develops and maintains websites of various corporate clients while its media aales segment is engaged in media selling of ad space of publishers.

The digital PR and strategy segment specializes in creative management and implementation of professional solutions in the new media.

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