A LOCAL SIGNAGE manufacturing firm is looking at a potential backdoor listing via Metro Alliance Holdings & Equities Corp., as it expressed interest in acquiring a majority stake in the dormant listed company.
Metro Alliance disclosed on Tuesday that it received a letter of intent from Vynex Signs Philippines, Inc. detailing its plan to purchase a majority stake in the firm.
Vynex Signs was established in the Philippines in 1993 as a signage manufacturing company, and now offers large format printing.
Metro Alliance said the transaction will be subjected to a decision from both parties on a “mutually agreeable share price,” a due diligence review of its financial accounts and operations, as well as the lifting of the trading suspension.
Trading of Metro Alliance shares has been suspended since May 17, 2007, with the final close at 70 centavos each. The company’s market capitalization is currently at P128.57 million.
Incorporated in 1929 as Marsman & Company, Inc., Metro Alliance’s business includes contract logistics and supply chain management services through unit Metro Combines Logistics Solutions, Inc. It also engages in third party warehousing and distribution, consultancy and project management and value added services to customers throughout the Philippines.
For the first quarter of 2017, the company posted a net income of P8.81 million, almost tripling its earnings in the same period a year ago of P3.3 million. — Arra B. Francia
