Quantcast
Latest Stories

Co secures possible backdoor listing vehicle for energy ventures

By

Retail magnate Lucio Co has struck a deal to acquire 85 percent of holding firm Mariwasa Siam Holdings Inc. (MMI), seen as part of the businessman’s backdoor listing platform for his energy-related ventures.

In a disclosure to the Philippine Stock Exchange Thursday, MMI said its majority shareholders have agreed to sell to Co’s Invescap Inc. the controlling block for P292.5 million. The sale is subject to the completion of a mandatory tender offer to be made by Invescap to the remaining stockholders of MMI.

MMI’s majority shareholders agreed to sell 956.203 million shares to Invescap at a price per share of 30.59 centavos. The valuation is much lower than MMI’s market pricing, making a tender offer unattractive to minority shareholders.

On Thursday, MMI closed at P6.89 a share (-9.2 percent), giving it a market capitalization of P8.55 billion.

In a separate disclosure, MMI said Invescap would conduct a tender offer to buy out other minority shareholders at 30.59 centavos from March 25 to April 24 this year.

Investors who sold their controlling stake to Co included Alfonso Anggala, Glenn Paul Garcia, Gilpatrick Garcia and Klarence Dy.

The disclosure did not specify the businesses to be infused into MMI. But stock pundits expect the businesses to be energy-related. Co’s privately held Union Enegry Corp. earlier announced a partnership with renewable energy developer Sta. Clara Power Corp. for an 8-megawatt mini-hydropower project in Oriental Mindoro costing about P1.9 billion. Union Energy is likewise undertaking a P1-billion investment in a 9.9-megawatt rice husk biomass power plant in San Jose City, Nueva Ecija.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , Lucio Co , mariwasa siam holdings , stock acquisition



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Colombia hopes to share Garcia Marquez remains
  • Holy fire ceremony draws thousands in Jerusalem
  • Tanchanco, former NFA head; 83
  • Pope seeks to bring faith to ‘ends of the Earth’
  • Meteor shower to light up PH skies
  • Sports

  • Pacquiao top Mayweather contender
  • Rain or Shine, Ginebra clash for No. 6 spot
  • Ateneo eyes quarterfinal spot vs Benilde
  • Style contrast marks OneFC ‘Rise of Heroes’
  • ‘Pacquiao a great ambassador for basketball’
  • Lifestyle

  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Fashionistas flock to designer’s wedding
  • Entertainment

  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Awarded TV couple brings Jesus’ life to the big screen
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace