Cosco Capital is planning to make a share offer worth at least US$500 million in order to improve its liquidity and free float as it comes out of a recent conglomerate restructuring program. This was reported last Tuesday by IFR, citing anonymous sources familiar with the deal.
The company is part of the Lucio Co Group and it has done a non-deal roadshow in part to promote its offering soon after it has met with possible investors according to the Thomson Reuters publication IFR.
The deal would include the issuance of US$300 million worth of new shares through a primary offering while the remaining volume would be sourced from existing shares. IFR said that the final terms of the deal are still up for decision and Deutsche Bank and JP Morgan would be managing the IPO.
Cosco would also be the new name of its predecessor, Alcorn Gold Resources Corporation. Its trading symbol would be 'COSCO'. The changes were undertaken after a capital infusion was made by the Lucio Co Group last year.
The assets of the firm includes a 51% shareholding stake in the second largest retailer in the Philippines, Puregold Price Club Inc as well as group of liquor distribution firms and an oil storage company named Pure Petroleum Corp.
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