Latest Stories

Lucio Co firm goes by a new name


Businessman Lucio Co has moved to cement his status as one of the country’s top tycoons with the creation of a holding firm that will take over his group’s $1.82 billion in assets in different sectors.

Co’s interests in supermarkets, real estate and petroleum are now under publicly listed Alcorn Gold Resources Inc.

The holding firm’s shareholders on Tuesday approved the change in the company’s name to Cosco Capital Inc. to reflect the true nature of its new role.

Also approved Tuesday was the subscription of the Lucio L. Co Group to 4.987 billion shares in Cosco, to be taken out of the firm’s unissued authorized capital, at P15 per share. The shares were acquired at an aggregate subscription price of P74.81 billion worth of shares in several Co subsidiaries.

These were Puregold Price Club Inc., Ellimac Prime Holdings Inc., Go Fay & Co., Incorporada SVF Corporation, Nation Realty Inc., 118 Holdings Inc., Patagonia  Holdings Corp., Fertuna Holdings Corp., Premier Wine and Spirits Inc., Montosco Inc., Meritus Prime Distributions Inc. and Pure Petroleum Corp.

Only 51 percent of Puregold Price Club worth $1.123 billion was transferred to Cosco. Petroleum assets previously directly under Alcorn were spun off to a subsidiary wholly owned by Cosco.

Based on the firm’s computations, the assets transferred into Cosco were worth a total of $1.82 billion.

The changes will not be completed until the company gets approvals from the Securities and Exchange Commission and the Philippine Stock Exchange.

Once the transactions are finalized, Co will own 93 percent of Cosco’s stock, which would force the company to conduct a follow-on offering by next year to comply with the local bourse’s 10-percent minimum public float requirement.

“I’m very optimistic. If we are able to follow our schedule, we can have follow-on by the first quarter of 2013,” said Alcorn president Leonardo Dayao. “We will be selling overseas. We want to try to attract more foreign investors.”

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: Cosco Capital , holding firms , Lucio Co , Philippines

  • http://www-blogjosemig200905com.blogspot.com/ Jose Miguel Garcia

    They do not need to struggle to take possession of Spratlys, Panatag Shoal or any of our peripheral territories, they are already here inside our main homeland in firm legal control of and direction of development of our resources with us filipinos becoming illegal settlers in our own country.

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


  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • 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

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Marketplace