Cosco to develop Marikina comm’l center

MANILA, Philippines - Cosco Capital Inc., the investment vehicle of retail magnate Lucio Co, is set to develop a new commercial center in Marikina.

In a disclosure to the local bourse, Cosco Capital said subsidiary Ellimac Prime Holdings Inc. has secured through a lease agreement a 7,168-square meter land along Liwasang Kalayaan in Marikina Heights.

The property is being leased from a company named Rotonda Development Corp. No further details on the lease agreement were disclosed.

“Cosco Capital intends to use the leased premises for development and operation of a commercial center,” the company said.

Cosco Capital is into supermarkets (Puregold Price Club Inc.), liquor importation (Premier Wine & Spirits Inc.), commercial real estate and oil storage and oil exploration activities.

The firm in March acquired the 35,000-square meter NE Pacific, the largest commercial mall in Nueva Ecija.

In August, it also acquired liquefied petroleum gas (LPG) supplier Liquigaz at a cost of about $80 million.

In the first half of the year, the company’s earnings grew slightly to P1.5 billion from P1.49 billion the previous year.

Aside from being the operator of the country’s second largest grocery chain, Cosco Capital also claims to be the country’s leading importer of liquor with exclusive distribution rights to some of the world’s top brands such as Cuervo, Jim Beam, Fundador, Absolut Vodka, Johnny Walker, Chivas Regal and Alfonso.