MANILA, Philippines - The new board of directors of Mariwasa Siam Holdings Inc. has approved several measures that will transform the listed but dormant company into an investment holding firm.
In a disclosure, Mariwasa said its board of directors wants to change the company name to either Apollo Capital Holdings Inc., Galileo Holdings Inc. or Da Vinci Capital Holdings Inc., subject to the approval of the Securities and Exchange Commission.
The board also approved the extension of the company’s corporate term for another 50 years from Nov. 5, 2013. It will also cut the number of directors to seven from 14.
To secure shareholders’ approval, the company scheduled a special stockholders meeting on March 8.
The Anggala Group, which now controls a majority stake in Mariwasa, is conducting a P5-million tender offer until Feb. 11 for the minority shares in the holding firm.
Majority shareholders Klarence T. Dy, Glenn Paul R. Garcia, Gilpatrick R. Garcia, Alfonso S. Anggala and Johnny S. Anggala will buy Mariwasa shares from stockholders at P0.176 apiece. The stockholders are collectively referred to as the Anggala Group.
In November, the family of Mariwasa chairman and president Regina Coseteng sold their shares to the Anggala Group for P192.33 million, allowing the investor group to own 97.14 percent of Mariwasa.
Given the 97.14-percent stake of the Anggala Group, it stands to purchase 2.86 percent of Mariwasa or 32.17 million shares worth around P5.6 million.
Prior to the acquisition, Mariwasa conducted numerous reorganization efforts, leaving the company without any operations or assets.
Thailand’s Siam Cement Public Co. Ltd. unloaded its stake in Mariwasa as part of the restructuring of its ceramics operations in the Philippines.
Late last year, Mariwasa increased its public float to comply with the 10 percent minimum public ownership level required by the Philippine Stock Exchange.