Lucio Co’s energy firm eyes backdoor listing

MANILA, Philippines - The new majority stockholders of listed Mariwasa Siam Holdings Inc. are in talks for a potential backdoor listing of a renewable energy firm of Puregold-owner Lucio Co.

In a disclosure, Mariwasa said its major shareholders “have been approached by, and in talks with, different interested parties, one of which is the Lucio Co Group.”

But Mariwasa said nothing formal has been agreed upon so far.

The Co family that owns listed retail chain Puregold was reportedly interested in using Mariwasa as a vehicle for the listing of renewable energy firm Union Energy Corp.

A backdoor listing, which is believed to offer a cheaper and faster way to achieve a listing status, occurs when a listed firm is acquired by an unlisted firm and the merger will result in a change in business.

In January, Chinese-Filipino businessman Lucio Co said he is looking to acquire more renewable energy projects as it hopes to make its presence felt in the power sector.

Union Energy owns 66 percent of San Jose City I Power Corp., a renewable energy company that will build a P1-billion biomass plant in Nueva Ecija. The plant, which can generate 9.9 megawatts of power, will be the first project of its kind and size in the country that will use 100-percent rice husk.

Mariwasa, for its part, is majority owned by Klarence T. Dy, Glenn Paul R. Garcia, Gilpatrick R. Garcia, Alfonso S. Anggala and Johnny S. Anggala, collectively known as the Anggala Group.

The new board of directors of Mariwasa earlier approved several measures that will transform the dormant company into an investment holding firm.

Its board of directors wants to change the company name to Apollo Capital Holdings Inc., Galileo Holdings Inc. or Da Vinci Capital Holdings Inc. subject to the approval of the Securities and Exchange Commission.

In November, the family of Mariwasa chairman and president Regina Co Seteng sold their shares to the Anggala Group for P192.33 million, allowing the investor group to own 97.14 percent of Mariwasa.

Prior to the acquisition, Mariwasa conducted numerous reorganization efforts, leaving the company without any operations or assets.

Thailand’s Siam Cement Public Co. Ltd. unloaded its stake in Mariwasa given the restructuring of its ceramics operations in the Philippines.