Property

‘Limited resources’: PSE asks Jolly Ting to bare reasons for letting go of property subsidiary

The Philippine Stock Exchange has asked businessman Jolly Ting to explain why his Jolliville Holdings Corp. was reducing its stake in one of its subsidiaries.

The PSE made the query after Jolliville announced that its board agreed to waive the company’s pre-emptive rights in Granville’s P9 million capital hike.

Jolliville said this would dilute the company’s stake in Granville from 100 percent to 18 percent and drop Granville as a subsidiary.

In its reply to the PSE, Jolliville said it “has limited resources at this time and cannot maintain its current ownership interest in Granville following the latter’s capital call.”

Jollivillle also revealed that Granville remained in pre-operating stage since its formation in 2001 with token assets, including P103,757 representing preliminary expenses to acquire a property under its name.

Jolliville said Granville’s exit as a subsidiary would have minimal impact on the company.

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