The Philippines' Securities and Exchange Commission (SEC) has approved a merger between ro-ro and ro-pax owner 2Go and its parent Negros Navigation (Nenaco).
2Go said in a filing: “For purposes of the good order, the effective date of the merger is January 1, 2019.”
A deal was announced in April through a share swap, with the 2Go name surviving.
“The merger will simplify the corporate structure and develop efficiencies and economies within the 2GO Group," 2Go added.
"This is in line with 2Go’s efforts to streamline operations, reduce costs, and increase shareholder value."
Nenaco stock will be converted into 2Go shares, with 0.26% of a Nenaco share equivalent to one in 2Go.
2Go's share price jumped as much as 30% after the news broke.
In May, the Philippines government approved shipowner Dennis Uy's takeover of 2Go.
Uy's Udenna Corp bought 100% of a company that had a stake in 2Go parent Nenaco.
The deal was halted in February and the companies fined PHP 19.6m ($0.37m) for finalising the transaction "without clearance from the antitrust commission," Business World reported.
Uy owns tankers and ferries through Chelsea Logistics Corp, Trans-Asia Shipping Lines and the recently acquired Starlite Ferries.
