COSCO Capital Inc. has completed the acquisition of all outstanding shares of Matuno River Development Corp. (MRDC).
“Cosco paid cash to Magis Energy Holdings Corp. and Mr. Ruben Diego Q. Picardo in exchange for their respective shareholdings, totaling to 100%, on MRDC,” Cosco said in a disclosure to the stock exchange on Tuesday.
The Lucio-Co retail holding firm said the 9,176,317 outstanding shares of MRDC were sold at P111.16 apiece or approximately P1.02 billion.
This is below 10 percent of Cosco’s total book value as of June 30, 2024.
“The Philippine Competition Commission (PCC) confirmed through a letter that the said acquisition is not subject to the notification requirement,” it added.
Cosco’s board approved the plan to purchase MRDC’s outstanding shares last July.
“This proposed acquisition will be an addition to the emerging renewable energy portfolio of Cosco Capital Inc., as well as to its entire operating segment, generating more income for the company,” it said in the disclosure.
Cosco said the transaction was an opportunity to enter into another profitable business within the renewable energy sector.
“This strategic move will enhance its sustainability profile, demonstrate a commitment to environmental responsibility while contributing to the country’s overall economic development.”
Cosco shares rose by 2 centavos to P5.43 apiece on Tuesday.
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