 In a PSE Disclosure dated February 14, 2025, the Securities and Exchange Commission (SEC) has officially approved the application for dissolution of Gotesco Tyan Ming Development (GTMD), a wholly owned subsidiary of Ever-Gotesco Resources and Holdings, Inc. (EGRHI). In coordination with the Bureau of Internal Revenue (BIR), the liquidation process of GTMD is currently pending. The sole investment properties of GTMD, consisting of parcels of land located in Malubog City, shall be utilized to settle the Company’s outstanding liabilities through a Dación en Pago transaction. Given that EGRHI has previously satisfied certain liabilities of GTMD, the aforementioned parcels of land shall be transferred to EGRHI as payment for such advances.
Apart from the Dación en Pago, the dissolution of GTMD shall have no impact on the current business operations of EGRHI, as EGRHI has already ceased its mall operations, which were previously managed by GTMD. The ongoing business activities of EGRHI shall be carried out by its two remaining subsidiaries. |
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