LISTED holding firm Ferronoux Holdings Inc. said Friday that it was selling a 23.4-percent interest in the firm, equivalent to 80 million shares at the par value of P1.00 each, to Themis Group Corp. via a private placement.
Ferronoux, owned by businessman Michael Cosiquien, told the stock exchange that the shares would be taken from authorized but unissued capital stock.
“The corporation shall issue the said 80 million common shares to Themis upon execution of relevant subscription agreements upon receipt of 25 percent partial payment as well as payment of documentary stamp taxes,” it added.
Ferronoux noted that the listing of the shares was still subject to “receipt of full payment, shareholders’ and regulatory approval, if applicable.”
The company’s shares recently surged on talk of a possible sale. Last Dec. 5, it told the exchange that it was in discussions with “several potential investors.”
“These discussions are part of our overarching strategy to fortify the company’s market position and boost its future potential,” it added.
No final agreements, however, were said to have been made.
Ferronoux said it remained “open to exploring all strategic options, including the potential sale of the company, provided such a proposition aligns with the best interests of our shareholders and offers a compelling value proposition.”
Following the stake sale, Ferronoux directors Jesus Chua Jr. and Yerick Cosiquien tendered their resignations. Lawyers Philipe Aquino and Abel Almario were elected as replacements.
Ferronoux was established in December 2001 primarily as a financing firm. It changed its primary purpose to that of a holding company in 2015, when it also diversified into mining and smelting operations.
On Friday, Ferronoux shares were up by 70 centavos, or 19.18 percent, at P4.35 apiece.
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