Management has focused on the timely completion of the transaction with Asia United Bank and has not yet discussed detailed plans for the company after the transaction with Asia United Bank is completed. The investing public, through the Exchange, will be advised once plans for the holding company are firmed up. Likewise, the proper procedures for replacement of the same will be disclosed as and when the amendment relating to change of name is approved by the Securities and Exchange Commission.
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Update on Asset Sale and Purchase Agreement with Asia United Bank Corporation and amendments to Articles of Incorporation and By-Laws
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As mentioned in our previous disclosure , the Monetary Board ('MB') of the Bangko Sentral ng Pilipinas has already approved the transaction with Asia United Bank. The receipt of MB approval has triggered the closing process of the transaction. We expect the transaction to be completed within June 2012.
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