Thursday 22 March
Powered by Ajaxy
Dec 4, 2017 @ 8:27

Megawide’s Michael Cosiquien buys into AG Finance


An investment holding company owned by the family of Megawide Construction Corp. chairman and CEO Michael Cosiquien has taken over publicly-listed firm AG Finance Inc.

In a tender offer report filed with the stock exchange, ISOC Holdings said it acquired 175.42 million AG Finance shares, representing 67.0% of the latter’s issued and outstanding capital stock at a price of P2.1662 per share or a total of P380 million.

ISOC Holdings has made a tender offer for the remaining 33 percent of the listed firm equivalent to 86.4 million AG Finance shares for P187.16 million. The tender offer will run from Dec. 4 to Jan. 3 next year.

BDO Unibank has certified that ISOC Holdings has sufficient funds to cover the purchase of the stake held by minority shareholders.

The purpose of the tender offer is to comply with the mandatory tender rule under the Securities Regulation Code. An individual or group that acquires at least 35 percent of a listed company is required to make a tender offer for the shares held by minority investors.

The tender offer is a mechanism which gives minority shareholders the opportunity to exit when there’s a change in shareholder control.

AG Finance, a holding company with no revenue generating assets, is seen to used as a vehicle to list on the stock exchange. it just remains to be seen what assets will be infused into AG Finance.

Following the acquisition, ISOC Holdings is mulling converting AG Finance into a real estate, energy or logistics com pay.

“However, as of date, while various options are being considered, there are neither concrete plans nor definitive agreements with regard to the said options as the bidder is still studying the structure and options best suitable for its plans,” according to documents filed with the stock exchange.

Tags: , , , , , , , , , , , , ,

Related Stories
A Chinese startup unveiled its vision for the automobile of the future Sunday, promising to
The Toyota Group of suppliers posted an 8 percent decline in export revenues last year
AgriNurture Inc. will undertake a stock rights offering to fund its expansion initiatives.
Globe Telecom Inc. has declared cash dividends amounting to P3 billion or P22.75 per share.


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.