Lucio Co buys Mariwasa for P292.5-M

Rappler.com
The group of retailer Lucio Co has inked a deal to buy 85% of shell company Mariwasa Siam, likely for his power-related ventures

POWER VENTURES. Retail tycoon Lucio Co looks to expand his energy-related ventures. Graphic by Matthew Hebrona

MANILA, Philippines – The group of retailer Lucio Co has inked a deal to buy 85% of shell company Mariwasa Siam Holdings Inc. for P292.5 million.

In a disclosure to the stock exchange on Thursday, March 21, Mariwasa confirmed the previously reported deal that would allow Co’s group to control the listed firm, which could be its backdoor listing vehicle for his power-related ventures.

Mariwasa said Invescap Inc, which is principally owned by Co, acquired 956,203,336 shares of the majority shareholders of Mariwasa, namely Klarence Dy, Glenn Paul Garcia, Gilpatrick R. Garcia and Alfonso Anggala.

Invescap will make the mandatory tender offer to the minority shareholders to complete the deal.

Co is the businessman behind aggressively expanding Puregold retail chain. He is also among the 11 Filipino billionaires in Forbes rich list. – Rappler.com