MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the merger of 2GO Group Inc. and Negros Navigation Co. Inc. (Nenaco) with 2GO as the surviving entity. The merger shall be effective Jan. 1, 2019 or on the first day of the month following the date when the certificate of merger shall have been issued and released by the SEC. 2GO, the listed logistics company now chaired by Davao-based businessman Dennis Uy, said all assets of Nenaco including its shares in 2GO would become assets of 2GO. “As a consequence of this merger and as previously disclosed, each stockholder of Nenaco shall receive common shares in 2GO using the exchange or swap ratio of 0.26 share in 2GO for every one Nenaco share,” Nenaco said. Nenaco owns 88.31 percent of 2GO.

Source: Philippine Star December 12, 2018 16:15 UTC