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Manila Bulletin devider Business devider Lucio Co's Keepers sets final FOO price at P1.50/share

Lucio Co's Keepers sets final FOO price at P1.50/share

Published Oct 29, 2021 04:28 pm

The Keepers Holdings Inc., the liquor import and distribution business of leading retailer Lucio Co, has set its final follow-on offering price at P1.50 per share which is at the bottom of the reduced price range.

Prior to this announcement, Keepers had informed the Philippine Stock Exchange that its Board of Directors has agreed to reduce the price range from P2.00 to P2.50 per Common Share to P1.50 to P2.00 per Common Share.

The Keepers Chairman Lucio Co

The follow-on offering is for up to 3 billion common shares for an offering size of up to P4.5 billion, down from the initial maximum offer size of P7.5 billion.

“On October 28, 2021, the Company, China Bank Capital Corporation, PNB Capital and Investment Corporation and SB Capital Investment Corporation determined the Final Offer Price for the Offer at P1.50 per Common Share,” Keeper said.

Net proceeds from the offer will be used primarily for strategic acquisitions, expansion of product portfolio and distribution network channels, investments in distribution and logistics network, working capital, and for general corporate purposes.

The company engaged China Bank Capital Corporation, PNB Capital and Investment Corporation, and SB Capital Investment Corporation as the joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.

“We are excited by the opportunity to bring our company to the investing public. Keepers is poised to become the only pure play, imported spirits distribution listed company in the Philippines,” said The Keepers President Jose Paulino Santamarina.

The Keepers consolidated the liquor, wine and specialty beverage distribution businesses of Co. It owns and operates three companies – Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc.

The group achieved record consolidated net sales from 2018 to 2019, jumping from P8.58 billion to P10.72 billion or a growth of 25 percent. Consolidated net income recorded stronger growth from just P817 million to P1.22 billion during the same period which translates to a growth of 49 percent.

Growth was tempered by the pandemic in 2020 with consolidated net sales declining to P8.17 billion while consolidated net income declined 3.2 percent to P1.18 billion.

“The Keepers Holdings, Inc. is now the largest distributor of imported spirits in the Philippines holding 74 percent volume market share,” claimed Santamarina.

Related Tags

The Keepers Holdings Inc. Lucio Co Jose Paulino Santamaria
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