Taiwan LED manufacturer, Epistar, reports that the company has chosen to merge four wholly-owned offshore subsidiaries to streamline group structure. Specifically, Epistar announced that it is merging four off-shore investment holding companies, Epistar JV Holding (BVI) Co., Ltd., UEC Investment Ltd., HUGA Holding (BVI) Limited, and Bee Rich Corporation.
Epistar held a board meeting on November 1, 2018 and officially decided to conduct a short-form merger of these subsidiaries. According to Epistar, the related recommendations for the merger are intended to streamline the investment structure within the group and reduce management costs. Furthermore, Epistar insists that the merger has no impact on the consolidated financial report and shareholders’ equity of Epistar.
The merger, which went into effect on Nov. 1, 2018, is subject to the British Virgin Islands related laws and regulations. As a result of the merger, the surviving company is Epistar JV Holding (BVI) Co., Ltd, and the other three firms are officially dissolved.
Epistar, the sole corporate shareholder of the dissolved companies, will receive the new shares of the surviving company in exchange for the initial investment cost to dissolve the companies.
