ISOC selling stake in Ferronoux for P297 million

MANILA, Philippines — ISOC Holdings of Michael Cosiquien is selling its stake in listed Ferronoux Holdings Inc. to Themis Group Corp. for P297 million.

In a disclosure, Ferronoux said that ISOC Holdings entered into a deed of assignment of shares with Themis for the sale, transfer and assignment of all of its 133.53 million common shares in the listed company for P2.22 apiece.

ISOC currently holds 51 percent of the total issued and outstanding capital stock of 261.82 million common shares of Ferronoux.

Ferronoux, however, intends to issue 80 million common shares arising from the private placement by way of subscription by Themis.

As such, ISOC’s shareholdings will be at 39.06 percent of the total issued and outstanding capital stock of 341.82 million common shares post subscription of Themis.

Chaired by Cosiquien, ISOC is a private company with business interests in property, cold chain logistics, energy and infrastructure.

Earlier this month, Ferronoux approved a private placement of Themis by way of subscription to a total of 80 million common shares or a 23.4-percent stake in the company for P80 million.

The company’s board has also approved a private placement of Themis by way of subscription to additional 240 million common shares in the company at P1 apiece to be issued from the increase in its capital stock.

Ferronoux is seeking to hike its authorized capital to P2.5 billion from P550 million. It also intends to list 1.46 billion new common shares on the Philippine Stock Exchange.

Themis, meanwhile, is a domestic corporation incorporated in January with a primary purpose of engaging in activities of a holding company.

The company, which is chaired by newly elected Ferronoux director Abel Almario, seeks to establish partnerships with key stakeholders to venture into property development and capitalize on other promising investment opportunities with substantial growth potential.

Through the partnership with the new investor, Ferronoux targets to establish a presence in the real estate sector, with focus on mixed-use developments that combine residential, commercial and recreational spaces.

Formerly known as AG Finance, Inc., Ferronoux was established in 2001 primarily to operate as a financing company and provide short-term, unsecured credit facilities to permanent rank and file employees of medium-sized companies in the Philippines.

In 2003, the company expanded its market coverage to include professionals and skilled workers in North America and the Middle East.

The company ceased its lending activities in 2015 after its board approved the change of its primary purpose to that of a holding company.