Phinma to Sell ABCIC Stake to Vicsal

Phinma Corp.’s (PSE: PHN) Executive Committee approved the sale of all the company’s 26.5% stake in AB Capital and Investment Corp. (ABCIC), valued at PhP96.7 million, to Vicsal Investment Inc. (Vicsal).

Prior to the sale of the shares, ABCIC will effect the: (a) transfer of certain assets of ABCIC to a new company (Newco) in exchange for shares of stock of Newco; and (b) transfer of the Newco shares to the stockholders through return of capital or other appropriate structures.