Apr 102014
 

MANILA, Philippines – Cosco Capital Inc., the investment vehicle of Lucio and Susan Co, posted a strong income and revenue growth last year driven by the grocery business.

In a regulatory filing, Cosco Capital said its pro-forma net income hit P5.3 billion, up 83 percent from P2.9 billion a year ago, while pro-forma net income attributable to equityholders of the parent firm surged 120 percent to P3.3 billion from P1.5 billion.

“For its first annual reporting, after being transformed in May 2013 into a consumer-focused holding company, Cosco Capital recorded pro-forma total revenues of P77.2 billion in 2013 from P60.7 billion in 2012 or a growth of 27 percent,” the company said.

“Revenues of Cosco Capital were principally accounted for by Puregold Price Club Inc.,” the listed holding firm said.

Cosco Capital said that for the last seven-month period 2013, the firm recorded a net income of P3.7 billion.

Aside from Puregold, the company is also into liquor importation (Premier Wine & Spirits Inc.), commercial real estate, oil storage and oil exploration activities.

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Cosco Capital claims to be the country’s leading importer of liquor with exclusive distribution rights for some of the world’s top brands like Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.

May 302013
 
Lucio Co holding firm completes share swap

MANILA, Philippines – Retail tycoon Lucio Co has completed a P74-billion share swap that finalized the infusion of his retail, petroleum and real estate assets into listed holding firm Cosco Capital Inc. Cosco Capital will raise fresh funding by selling two billion shares to institutional investors, the company said in a disclosure. In the transaction, Cosco Capital issued 4.98 billion shares in exchange for 1.51 billion common shares of Lucio Co Group of Companies (LCGC). “The total value of the swap transaction is P74.8 billion,” said Cosco Capital. LGCG is composed of Puregold Price Club Inc; Premier Wine & Spirits Inc; Meritus Prime Distributions Inc; Montosco Inc; Pure Petroleum Corp; Ellimac Prime Holdings Inc; and Nation Realty Inc. Following the share swap, Cosco Capital will have a total issued capital of 6.26 billion shares. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The holding firm yesterday implemented a voluntary trading halt for its shares. Cosco Capital said principal shareholders Lucio and Susan Co will also conduct a special block sale of up to two billion common shares to qualified institutional buyers in the Philippines and abroad. Under the “top-up” equity placement, the major shareholders will then subscribe to the same number of shares sold to institutional investors. Cosco Capital earlier planned to conduct a $500-million sale of existing and new shares that will increase its public float and beef up liquidity. The company tapped Deutsche Bank and JPMorgan for the deal. Cosco Capital, formerly Alcorn Gold Resources Corp., earlier Read More …