PH based Universal Robina to merge with its packaging subsidiary CCPI

Image from company website

Food business conglomerate Universal Robina Corp (URC) announced on Wednesday that it will be merging with its wholly-owned packaging subsidiary CFC Clubhouse Property Inc (CCPI).

The amount of the merger was not disclosed.

CCPI is one of the major suppliers of flexible packaging materials for URC’s snacks and beverages division.

The Gokongwei-led firm informed the stock exchange that its board of directors approved the merger on Tuesday, noting CCPI is expanding its capacity to accommodate URC’s increase in demand for dry laminated and extruded wrappers.

“The proposed merger is expected to benefit URC in the reduction of expenses through the economies of scale, centralised administration and greater efficiency,” URC said in its statement.

CCPI started the ground work for its flexible packaging materials production in the Philippines on December 15, 2005 and commercial production on April 1, 2007.

URC said it will provide further updates on the final merger consideration and timing of closing and funding sources when they are finalised.

URC’s last traded price remained at P215 since yesterday.

Related story: Universal Robina gets $576m loan for NZ buyout

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.