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MANILA, Philippines – Retailer Lucio Co is considering acquiring investment holding company Mariwasa Siam Holdings Inc. for his business group’s energy-related ventures.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, March 18, Mariwasa Siam Holdings confirmed the Lucio Co Group’s interest in the company.
“The majority shareholders of Mariwasa Siam Holdings, Inc… confirm that they have been approached by, and in talks with, different interested parties, one of which is the Lucio Co Group,” it said.
Mariwasa was clarifying a report that cited Co’s interest in the company as a “backdoor listing vehicle for his other interests,” particularly in power.
The company, however, stressed no formal agreement has been arrived at by the two parties.
Lucio Co, the country’s 7th richest man and owner of Puregold Price Club, has been beefing up his portfolio in the power sector.
His privately held Union Energy Corp earlier revealed partnership and investments with different powerplants in the country.
Included in these ventures are partnerships with renewable energy developer Sta. Clara Power Corp for a P1.9 billion, 8 megawatt (MW) hydropower project in Oriental Mindoro and a P1 billion investment in a 9.9 MW biomass plant in Nueva Ecija.
The company also disclosed the changes in its articles of incorporation and by-laws revealing the need “to establish a corporate identity that is distinct from the previous one” as well as the need to “extend its corporate term to allow it to continue its corporate existence.” – Rappler.com
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