COSCO ACQUIRES CONTROLLING INTEREST IN DAVIN
Cosco Capital today disclosed to the Philippine Stock Exchange its acquisition of another listed entity via a share swap deal.
The disclosure said that the Board of Directors of Cosco Capital, Inc. has approved the acquisition of controlling interest in Da Vinci Capital Holdings, Inc. (“DAVIN”) by way of share-swap transaction, specifically granting the following:
• Authority of the Management of Cosco Capital, Inc. to enter into a Deed of Exchange of Shares with DAVIN, wherein the latter shall issue common shares of stock to the Corporation, and in exchange and as consideration thereof, the Corporation shall assign 100% of its shares in the following unlisted companies in favor of DAVIN:
(1) Montosco, Inc.;
(2) Meritus Prime Distributions, Inc.
(3) Premier Wine and Spirits, Inc.
• Authorizing the Management of the Corporation to determine the final terms and conditions of the Share Swap, including the price/ratio, etc.
• Authorization to apply with the Bureau of Internal Revenue for a Tax-Free Exchange Ruling
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