Cosco Capital plans up to $500 mln Philippine offering-IFR
HONG KONG May 7 (Reuters) - Philippine conglomerate Cosco Capital plans a share offer worth up to $500 million to bolster liquidity and free float after a recent corporate restructuring, IFR reported on Tuesday, citing sources familiar with the deal.
The company, part of the Lucio Co Group, has embarked on a non-deal roadshow and could launch the offering soon after the investor meetings, added IFR, a Thomson Reuters publication.
The deal would comprise $300 million worth of new shares in a primary offering, with the remainder coming from existing shares. The terms have yet to be finalised, IFR said.
Cosco is changing its name from Alcorn Gold Resources Corporation and its trading symbol to "COSCO" next week, following an asset injection last year by the Lucio Co Group into Alcorn.
The assets include a 51 percent stake in the Philippines' second-biggest retailer Puregold Price Club Inc, a portfolio of liquor distribution companies and the Pure Petroleum Corp. oil storage business.
Deutsche Bank and JPMorgan were hired to manage the offering.