Maxwealth's Backdoor Listing Shelved

The planned P402-million acquisition of a 67 percent stake in publicly-listed LMG Corp. by Maxwealth Infinity Holdings Corp. (MIHC) has been terminated.

MIHC's acquisition of a majority stake in LMG was intended for the backdoor listing of the firm on the Philippine Stock Exchange (PSE). I Photo: Maxwealth Infinity Holdings Corporation Facebook

The acquisition of a majority stake in LMG was intended for the backdoor listing of the firm on the Philippine Stock Exchange (PSE).

In a disclosure to the PSE, LMG announced that the Share Purchase Agreement dated June 6, 2023, has been mutually terminated by the principal shareholders of LMG, namely Ann Marrieta L. Sytin, Robinson W. Siao, and Value Quest Securities Corp. as the sellers, and MIHC as the buyer.

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