MANILA, Philippines - Cosco Capital Inc. confirmed yesterday that it acquired liquefied petroleum gas (LPG) supplier Liquigaz earlier this month at a cost of about $80 million.
In a disclosure to the Philippine Stock Exchange, the investment vehicle of retail magnate Lucio Co said “Cosco Capital is confirming the acquisition cost of Liquigaz is around $80 million.”
The STAR reported the acquisition price on Monday.
“The said amount was, in fact, the winning bid or the result of the competitive bidding of Liquigaz Corp.,” Cosco Capital said.
SHV Energy of the Netherlands, former owner of Liquigaz operations in the country, offered its Philippine LPG operations for sale last year.
Liquigaz is currently the second-largest supplier of LPG in the Philippines behind oil giant Petron Corp.
The acquisition of 100-percent ownership of Liquigaz was executed through Canaria Holdings Corp., a 90-percent owned firm by Cosco Capital and 10-percent owned by PR Gaz Inc.