Lucio Co in talks to acquire Mariwasa Siam
MANILA, Philippines–Retailing magnate Lucio Co is in talks to acquire a controlling stake in publicly listed Mariwasa Siam Holdings Inc. to be the prospective platform for the businessman’s energy-related businesses.
In a disclosure to the Philippine Stock Exchange on Monday, Mariwasa said its majority shareholders have confirmed “that they have been approached by, and in talks with, different interested parties, one of which is the Lucio Co Group.”
But the company said nothing formal had been agreed upon so far. “Rest assured that the company will promptly inform the exchange once an agreement has been reached,” the company said.
Mariwasa wrote to the PSE to clarify a report from news column Biz Buzz that Mariwasa was eyed by Co – the controlling stockholder of Puregold Price Club Inc. and Alcorn Gold Resources Corp. – for his energy ventures. Shares of Mariwasa were up by 15 percent to P6.80 per share in morning trade on Monday on news of Co’s interest in the dormant company.
Siam Cement Public Co Ltd., the largest cement company in Thailand, earlier sold out of Mariwasa Siam as the group restructured its ceramics operations. A controlling stake in the publicly listed shell company was sold to the Anggala group, which has local stock brokerage operations.
The new group of majority stockholders, citing the need to “establish a corporate identity that is distinct from the previous one,” recently convened a stockholders meeting to extend Mariwasa’s corporate term for another 50 years to allow it to continue its corporate existence.
Stock pundits expect Co to infuse energy-related businesses into Mariwasa once a deal has been finalized. Co’s privately held Union Enegry Corp. earlier announced a partnership with renewable enegy developer Sta. Clara Power Corp for an 8-megawatt mini-hyropower 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.
