Co spins off liquor business

Iris Gonzales (The Philippine Star) - February 23, 2021 - 12:00am

MANILA, Philippines — Retail tycoon Lucio Co is putting his liquor business, currently under Cosco Capital Inc., to his shell company Da Vinci Capital Holdings Inc., paving the way for the backdoor listing of three unlisted companies in charge of Co’s imported liquor distribution business.

In a stock disclosure yesterday, Cosco Capital said its board of directors approved the acquisition of a controlling interest in Da Vinci Capital by way of a share-swap transaction.

The transaction grants Cosco Capital the authority to enter into a deed of exchange of shares with Da Vinci Capital, which in turn would issue common shares of stock to Cosco Capital. In exchange, Cosco Capital shall assign to Da Vinci Capital 100 percent of its shares in Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc.

The three unlisted companies comprise Co’s liquor distribution business.

Cosco Capital will determine the final terms and conditions of the share swap, including the price, and will likewise apply with the Bureau of Internal Revenue (BIR) for a tax-free exchange.

Among the brands imported and distributed by Co’s group are Spanish brands Alfonso Brandy, Vino Fontana, Alhambra Solera Brandy, Muga wines, Diageo, Castel Wines and Pegoes Wines, whiskey brands from Beam International, Jim Beam and Maker’s Mark. Other brands include Chivas Regal Scotch Whisky, Glenlivet Single Malt, Martell Cognac, Absolut Vodka, Jose Cuervo Tequila and Jagermeister, among others.

Cosco Capital currently has a portfolio of interests in grocery retail, real estate and property leasing, liquor distribution, oil and mining, and specialty retail.

Among the company’s subsidiaries are Puregold Price Club Inc., S&R Membership Shopping, Ellimac Prime Holdings Inc. and Office Warehouse Inc.

Da Vinci Capital, meanwhile, is a listed shell company also chaired by Co.

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