CIP said in a stock exchange filing its board approved the merger with Unioil Group Inc., Addventure Properties Inc., Citiworld Properties and Development Corp., Exquadra Inc., Quantumlink Realty Corp., Buklod Realty Corp. and Rivertanks Inc. CIP will be the surviving entity.
It said that in preparation for the merger, its board also approved the increase in the company’s authorized capital stock to P2 billion from P190 million. CIP’s major shareholders led by businessman Antonio Garcia sold their controlling stake to a group that includes a company owned by the Unioil Group Inc. in 2020.
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