Yehey! expands business, forms jv with Spanish firm

MANILA, Philippines - Internet portal Yehey! Corp. and Spanish firm Media Contacts SA will form a joint venture company that will engage in consultation and development of digital and online marketing campaign for local and international companies. In a disclosure, Vantage Equities Inc. assistant corporate secretary Alma C. Santiago said subsidiary Yehey! and Media Contacts would invest a total amount of P9.67 million for the incorporation of Media Contacts Inc. (MCI). "We believe that this venture of Yehey! will have very little impact on the company's financial condition given the fact that the company only owns 68.35 percent equity in Yehey!, which in turn only holds 50 percent interest in MCI," she wrote. This will expand its Yehey!'s business as internet portal and service provider as Media Contact, which already has presence in the Asia Pacific region, is dedicated to online communication business. Based on the articles of incorporation submitted to the Securities and Exchange Commission, MCI will provide marketing, sales and promotional consultancy services including conceptualization, preparation, creation, supply and delivery of marketing, sales and promotional plans and support services. It will neither buy media time or space for its clients nor own and manage mass media.-R. A. M. Rubio, GMANews.TV