Cosco Capital to buy back shares

MANILA, Philippines - Cosco Capital Inc., the investment vehicle of retail magnate Lucio Co, has offered to buy back up to P1 billion worth of shares in the company from stockholders.

In a disclosure to the local bourse, Cosco Capital said its board approved the purchase of shares in the holding company.

“The board authorized the chairman and president to execute the buy-back in behalf of the company,” Cosco Capital said.

Cosco Capital also declared cash dividends of P0.08 per share or a total of about P592 million.

Its subsidiary Puregold Price Club Inc. likewise announced yesterday it would hand out stockholders P0.30 per share or P830 million in cash dividends.

Cosco Capital recorded higher earnings in the first three quarters of the year on the back of strong growth across its business segments.

Net income grew 16 percent to P4.32 billion for the January to September period, while revenues rose 14.13 percent to P78.32 billion.

The company has business interest in retail through Puregold, as well as in real estate, wine and liquor, and LPG distribution through its recent acquisition of Liquigaz Philippines Corp.