LMG Chemicals to convert into holding company
Businessman Dominic Sytin’s LMG Chemicals Corp. is set to be converted Into a holding company after its board approved amendments to its articles of incorporation.
The amendments inckude a change in LMG’s corporate name to LMG Corp.
“Considering LMG’s plans to transform into a holding company, its primary purpose should likewise be changed since it will no longer be engaged in the manufacturing processing, reprocessing, importing or exporting of any and all kinds of chemical and related products and goods, wares and merchandise of any and all kinds and nature whatsoever,” LMG said in a stock exchange filing.
The amendments also include a provision that sates all of the company’s shares will have no preemptive right to purchase or subscribe to future stock issuances.
According to LMG, the new provision covers “any class and/or series now or hereafter authorized or reissued from treasury.”
Sytin is the founder and CEO of United Auctioneers Inc., a renowned auctioneer of imported second-hand trucks and heavy equipment from Japan, other Asian countries, Europe and the US.
His family is also involved in the automotive assembly and distribution business through Foton Philippines, as well as mobile distribution.