The merger between Cityland Development Corp. and City & Land Developers Inc. has taken effect following approval by the Securities and Exchange Commission (SEC).
Cityland said the SEC had issued a Certificate of Filing of the Articles and Plan of Merger, making the transaction effective July 1 with Cityland as the surviving corporation.
All of City & Land's assets, liabilities, rights, interests and obligations have been transferred and the company has ceased to exist as a separate corporate entity.
Under the approved merger plan, Cityland issued up to 1.389 billion common shares to City & Land shareholders based on an approved exchange ratio of 0.88 CDC common share for every LAND common share.
The company said the merger shares remained subject to the Philippine Stock Exchange's approval of its listing application. Until the shares are listed, they cannot be traded through facilities of the exchange.
Stockholders holding City & Land shares through the Philippine Depository & Trust Corp. system will receive their corresponding Cityland shares from their respective stockbrokers once the share issuance process has been completed.
Holders of physical stock certificates will be advised separately on procedures for exchanging their shares.
The company said it would issue further disclosures after obtaining the PSE's approval for the listing of merger shares and completing the share issuance process.
Cityland share price fell by a centavo to close at P0.60 each on Wednesday.
