"We formally announce that we have come to an amicable agreement with ShowBT Philippines Corp. through a fair and equitable resolution," the post read.
In light of the recent development, 1Z Entertainment announced that SB19 will resume its activities.
"Thank you for your patience and unwavering support towards SB19 and 1Z Entertainment. Pablo, Josh, Stell, Ken, and Justin eagerly anticipate reconnecting with all of you in their upcoming endeavors. We can't wait to see you all again soon," it added.
In October, the quintet revealed they had founded their agency, 1Z Entertainment, with Pablo as its CEO. Since then, the group has been in charge of managing themselves.
“Pinapride namin tong 1Z Entertainment. Isa ito sa biggest achievements namin in life. Officially, today inaannounce na namin yung debut ng 1Z Entertainment,” Pablo said during a live session on SB19's official YouTube channel.
"Siguro five years ago when SB19 was just starting, together we had a dream. That dream was to have Filipino music, Filipino talent, the whole Filipino culture to be pinned onto the world map. Sobrang laking pangarap noon para sa amin and we felt like a lot of people din na nakapaligid sa amin, they think that the dream was so big na they feel like we couldn't achieve it," he added.
Its former manager, ShowBT Philippines, had prohibited SB19 members from using their group logo and promoting under their original name, which fans speculated as the reason behind the cancelation of PAGTATAG! World tour in Bangkok, Singapore, and Dubai.
The group didn't state the reason behind the Bangkok and Dubai show's cancelation, but the Singapore show supposedly slated for Nov. 14 was canceled "due to unforeseen circumstances and following discussions with involved groups."
There have also been speculations that SB19 might rebrand after all five members removed "SB19" from their individual Instagram accounts' handles and bios.
GMA News reported that such speculations intensified during a performance at "Fusion: The Philippine Music Festival" last Nov. 11, as organizers used "MAHALIMA" in a post featuring the quintet.
Formed in 2019, SB19 is known for the hits Go Up, Mapa, and Gento, which became a TikTok craze that also caught the attention of Korean idols.
SB19 is among the acts to grace the Asia Artist Awards 2023 at the Philippines Sports Stadium on Dec. 14.