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Story toolsSaturday, July 4, 2009 | MANILA, PHILIPPINES FREE PREVIEWCorporate NewsFloirendo-led pineapple exporters mergeThe Securities and Exchange Commission approved on Tuesday the merger of Floirendo-owned pineapple exporters Davao Agricultural Ventures Corp. and Southern Fresh Products, with the former as the surviving entity. Davao Agricultural Ventures will add Southern Fresh Products’ P1.02 billion in assets to its own tally, worth P780.68 million. The surviving company will also assume Southern Fresh Products’ liabilities worth P423.33 million. Both companies said the merger would make operations more efficient. Davao Agricultural Ventures told corporate regulators it would no longer issue shares to Southern Fresh Products’ stockholders since both firms are owned by Davao-based Anflo Management & Investment Corp. and Del Monte Fresh Fruits Far East B.V. The surviving firm will instead treat Southern Fresh Products’ book value of P500 million as additional paid-in capital, the company said in its merger proposal. |
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