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Alcorn prepares for Lucio Co’s firms
Posted on April 21, 2013 10:27:08 PM
LISTED Alcorn Gold Resources Corp. is seeking regulatory approval to triple its capital stock, a Securities and Exchange Commission (SEC) official said late last week, referring to a move that will pave the way for the company’s transformation into the holding firm of retail magnate Lucio L. Co.
“Alcorn’s application for a P7-billion increase in capital stock was filed and is still pending in the CRMD (Company Registration and Monitoring Department),” Gerard M. Lukban, SEC secretary, wrote in an e-mail to reporters last Friday.
A separate e-mail from the SEC last Friday showed that Alcorn has applied to reserve the name, “Cosco Capital, Inc.,” described as a financial holding company.
In December last year, Alcorn shareholders approved the increase in the company’s authorized capital stock to P10 billion from P3 billion, and stock par value to P1 from 10 centavos to enable the company to accommodate Co-controlled businesses.
These businesses, which will form an enlarged holding company, called Cosco Capital, are: Puregold Price Club, Inc.; 118 Holdings, Inc.; Pantagonia Holdings, Inc.; Fertuna Holdings, Inc.; Premier Wine and Spirits, Inc.; Montosco, Inc.; Meritus Prime Distributions, Inc.; Pure Petroleum, Inc.; and a still-unnamed subsidiary that will assimilate Alcorn’s current mining and oil business.
The listed company had previously appointed Evercore Partners, Inc. as financial adviser to “study and explore capital market and corporate structure options in the near term.”
Alcorn was incorporated in 1988 as Alcorn Petroleum and Minerals Corp. with the primary purpose of engaging in exploration, development and production of oil and gas reserves. It shifted its purpose to that of a holding company in 2000. Its interests include an oil field in waters northwest of Palawan as well as gold and copper properties in Albay and Iloilo.
Alcorn saw its net income slip by 2% to P10.77 million last year from P10.99 million in 2011 on the back of lower revenues. Revenues, consisting mostly of interest income from bank deposits and short-term placements, dipped by 9.33% to P33.15 million from P36.56 million, while expenses fell by 8.14% to P22.36 million from P24.34 million.
Its shares gained 1.12% to 18 centavos last Friday. -- FJGDLF
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