C08804-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
Common Shares | 7,166,070,764 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
---|
Acquisition of 60% of Outstanding Shares of Catuiran Hydropower Corporation. |
Background/Description of the Disclosure |
Acquisition of 60% of Outstanding Shares of Catuiran Hydropower Corporation. |
Date of Approval by Board of Directors |
Dec 14, 2023 |
---|
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
---|
The transaction will provide an opportunity for Cosco Capital, Inc. to engage in another profitable line of business while contributing to the country's economic development, which aligns with the government's thrust toward creating more sustainable energy sources. |
Date | TBA |
---|
Manner |
---|
This will be announced in due course. |
Description of the company to be acquired or sold |
Catuiran Hydro Power Corporation was incorporated and registered with the Securities and Exchange Commission on April 20, 2012, and is primarily engaged in the business of building, constructing, operating and maintaining power plant. |
Number of shares to be acquired or disposed | 360,000,003 |
---|---|
Percentage to the total outstanding shares of the company subject of the transaction | 60 |
Price per share | To be announced in due course. |
Nature and amount of consideration given or received |
---|
Cash and/or Shares of Stocks. |
Principle followed in determining the amount of consideration |
The amount of consideration determined on the basis of PE multiples of projected net income. |
Terms of payment |
This will be announced in due course. |
Conditions precedent to closing of the transaction, if any |
Subject to the approval of the Philippine Competition Commission, if applicable. |
Any other salient terms |
None. |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
---|---|---|
Union Energy Corporation | Mr. Lucio Co and Mrs. Susan Co (Cosco Capital Stockholders and Directors) beneficially own majority of the stocks of Union Energy Corporation. |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
---|
The transaction will bring an additional profitable business operating segment to the Cosco Group. |
Other Relevant Information |
The intended consideration for this transaction is below 10% of the Company's total book value as of September 30, 2023. |
Name | Candy Dacanay-Datuon |
---|---|
Designation | Assistant Corporate Secretary / Compliance Officer |