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Home Business Biz Plus

Lucio Co injecting P22.5b worth of assets into publicly-listed Da Vinci Capital Holdings

Jenniffer B. AustriabyJenniffer B. Austria
March 17, 2021, 7:25 pm
in Biz Plus
Reading Time: 2 mins read
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Businessman Lucio Co is injecting P22.5 billion worth of assets to publicly-listed company Da Vinci Capital Holdings Inc. 

DAVIN said in a disclosure to the stock exchange its management approved the valuation of three liquor firms to be infused by Cosco Capital Inc. in the company in the amount of P22.5 billion in exchange for shares.

The three liquor firms are Montosco Inc., Meritus Prime Distributions Inc., and Premier Wine and Spirits Inc. 

Following the transaction, DAVIN will be engaged in the distribution and marketing of local and imported wines, liquors, beer, other beverages, and related products.

It intends to widen its market coverage in the Philippines, engage in e-commerce, add more brands in its portfolio and buy or build its own liquor production or manufacturing facilities in the future.

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Cosco reported in February that it signed a deed of exchange of shares with DAVIN, where DAVIN will issue common shares of stock to Cosco and, in exchange, Cosco will assign 100 percent of its liquor businesses in favor of DAVIN. 

DAVIN said it would conduct a follow-on-offering to comply with the minimum public ownership requirement as the transaction could result in Co owning 99 percent of the company and public float of only 1 percent.

The fresh capital that will be raised from the share sale will also be used to finance new business.

Meanwhile, DAVIN will also seek shareholders’ approval to change its corporate name to The Keepers Holdings Inc. and to increase its authorized capital stock to P2 billion.

Montosco Inc., is the exclusive Philippine importer and distributor of Spanish brands Alfonso Brandy and Vino Fontana, while MPDI distributes premium wine and whiskey brands from Beam International, Jim Beam and Maker’s Mark.

PWSI is the exclusive Philippine distributor of brands like Chivas Regal Scotch Whisky, Glenlivet Single Malt, Martell Cognac and Absolut Vodka.

The share price of DAVIN fell 0.65 percent on Wednesday to close at P3.08.

Tags: Cosco Capital Inc.Da Vinci Capital Holdings Inc.Lucio CoMontosco Inc.
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Jenniffer B. Austria

Jenniffer B. Austria

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