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Corporate regulators approve merger of listed Phinma's units.
Byline: Neil Jerome C. Morales
PHINMA CORP., formerly Bacnotan Consolidated Industries, Inc., has secured an approval from corporate regulators to merge two units.
On Dec. 22, the Securities and Exchange Commission gave the go-signal for the listed holding firm to combine units Union Galvasteel Corp. and Atlas Holdings Corp.
"All the assets and liabilities of Atlas Holdings as of Aug. 31, 2010 shall be transferred and assumed by Union Galvasteel," Phinma said in documents submitted to corporate regulators.
"Since Atlas Holdings is a wholly owned subsidiary of Union Galvasteel, no shares will be issued," it added.
The executive committee …
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