As part of this major restructuring, the company will change its name to Tiger World Holdings Corp. and relocate its office from Bonifacio Global City to Vanilla Beach, El Nido, Palawan, a stock exchange filing on Monday showed.
Backdoor listing target?
TKC’s board approved the sale of Treasure Steelworks Corp. for P2.1 million, a company that has been inactive since 2013. It also plans to sell Campanilla Mineral Resources for P2.2 million. These sales were initially approved by the board in 2022.
Shell companies are corporations with no significant assets and corporations. These are also
attractive target for backdoor listings, where a private company merges with the shell to quickly go public.
Multibillion peso deficit
TKC, which booked a P84.5 million loss last year and a P4.2 billion capital deficit, had previously indicated it was exploring new business models to address its financial problems.
It announced plans to shift to technology and Internet services and engaged in talks with investors to manage its debts; however, no deals have been finalized.
Shares of the company last traded at P0.41 each, valuing the company at P693 million.
Exodus of executives
Meanwhile, its ongoing business struggles came amid the departure of senior executives, including Chief Financial Officer Efren A. Realeza Jr., who resigned in April this year for “personal reasons.” His exit followed that of President and Chief Operating Officer Domingo Benitez Jr., who left in April last year after relocating overseas.
The company has yet to name its successors.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
