By Juzel L. Danganan
MANILA, Aug. 27 (PNA) – Cosco Capital Inc has completed its USD 80 million payment to PR Gaz Inc, for the 90 percent stake of Liquigaz Philippines Corporation, the company said in a disclosure Wednesday at the Philippine Stock Exchange (PSE).
The disclosure stated that the USD 80 million-transaction will be paid to PR Gaz Inc in cash and will be a full one-time payment.
Cosco Capital Inc is hopeful on their new acquisition that has expanded its business engagements.
”To (It will) serve as the entry point of Cosco Capital Inc., into the downstream LPG retail business serving the households and commercial customers,” Cosco Capital said.
Last July, Cosco Capital Inc stated that PR Gaz Inc will retain its 10 percent share in Liquigaz Philippines Inc.
Liquigaz Philippines Inc is the largest supplier of liquefied petroleum gas (LPG) in the country, which holds the country’s total market volume of 30 percent. It mainly conducts business in Luzon.
Moreover, 60 percent of the country’s annual LPG importation is found in Liquigaz’s 12,500 metric ton storage tanks in Mariveles, Bataan. It is considered the largest and the sole facility in the Philippines capable of receiving both refrigerated and pressurized LPG cargo.
On the other hand, Cosco Capital Inc’s subsidiaries’ business engagements ranges from liquor distribution, real estate development, oil facilities and the Puregold Price Club Inc.
Currently, Cosco Capital Inc has 7.5 billion issued common shares, which are registered at the PSE. (PNA)