Ferronoux Holdings Inc., a publicly listed shell company controlled by tycoon Michael C. Cosiquien, will be venturing into real estate development—particularly hotels and resorts, following the entry of Themis Group Corporation as a strategic investor.
In a disclosure to the Philippine Stock Exchange, Ferronoux said Themis is a holding company that lists its shareholders as lawyers of M.M. Lazaro and Associates: Michelle B. Lazaro (85 percent), Abel M. Almario (five percent), Edwin M. Espejo (five percent), and Philipe T. Aquino (five percent).
Themis, a firm with a capital of P100 million, is acquiring a 23.4 percent stake in Ferronoux via a private placement of 80 million shares for P80 million.
Ferronoux said the capital infusion bolsters its financial foundation and enhances its capacity to pursue expansion, meet operational requirements, and explore new projects.
“This strengthened financial position prepares the Company to seize new opportunities that require substantial resources. Moreover, the transaction establishes a partnership with Themis, a new investor, potentially bringing additional value through expertise, business networks, or strategic benefits beyond the cash infusion,” it added.
The proceeds from the private placement will be used for working capital to support the operations of the company, payment of taxes, permits, licenses, and fees made in the regular course of business; payment of documentary stamp tax; regulatory and listing fees arising from the current private placement transaction; and costs, fees, and expenses in evaluating opportunities for the company as well as subsequent transactions, if any.
Ferronoux said it is geared towards advancing its business into real property development by undertaking strategic initiatives aimed at establishing a presence in the real estate sector.
Planned steps include identifying and acquiring prime real estate assets, conducting comprehensive market analyses, and developing projects that align with current market demand and future growth opportunities.
The Company intends to perform sustainable master planning, ensuring that all projects integrate environmentally conscious designs, efficient resource management, and innovative solutions that promote long-term community well-being.
A key focus will be on mixed-use developments that combine residential, commercial, and recreational spaces to create vibrant, self-sustaining communities.
To enhance its portfolio, Ferronous said it will actively explore partnerships with global hospitality industry players and investors, aiming to incorporate hospitality-driven elements such as hotels and resorts into mixed-use projects.
Additionally, the Company will seek to collaborate with local and regional developers, investors, and construction companies to expedite the development of these projects, targeting implementation at the soonest possible time, beginning in 2025.
Ferronoux said it is currently working on a detailed business plan to guide its real estate ventures. This plan will include an assessment of potential properties for the highest and best use, ensuring that each acquisition and development is strategically aligned with market demand and economic feasibility.
“The partnership with Themis Group Corporation is the first step in materializing this new venture. By providing strategic guidance, leveraging industry expertise, and facilitating connections with key stakeholders, Themis will enable the Company to navigate the complexities of real estate acquisition and development,” the firm said.
It noted that, “This collaboration aims to position the Company as a competitive entity within the real estate market while maximizing value for its stakeholders.”
“The direction of this venture is aligned with the Company’s purpose of being a holding company primarily engaged in holding key investments. This new real estate initiative reflects a strategic expansion into premium assets driving long-term shareholder value,” Ferronoux said.
Themis seeks to establish partnerships with key stakeholders to venture into property development and capitalize on other promising investment opportunities with substantial growth potential.
By aligning with strategic partners, Themis aims to leverage complementary expertise, resources, and networks to drive value creation, diversify its portfolio, and unlock new revenue streams.
These partnerships will enable Themis to pursue innovative projects, expand its market reach, and achieve long-term sustainable growth while maximizing returns for stakeholders.