HONG KONG May 7 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
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.