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Manila Bulletin devider Business devider The Stock Market devider Cosiquien's Ferronoux Holdings seeks new path, eyes possible sale

Cosiquien's Ferronoux Holdings seeks new path, eyes possible sale

Published Dec 6, 2024 06:52 am

Ferronoux Holdings Inc., a publicly listed shell company controlled by tycoon Michael C. Cosiquien, is in discussions with potential investors as it considers various options, including the sale of the company.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said, “We have been actively engaging in discussions with several potential investors who have expressed their strong interests in supporting the growth and expansion of our business.”

It added, “These discussions are part of our overarching strategy to fortify the company's market position and boost its future potential.”

Ferronoux noted, “At this stage, although we are in negotiations with multiple parties, no final agreements or commitments have been made. We remain open to exploring all strategic options, including the potential sale of the company, provided such a proposition aligns with the best interests of our shareholders and offers a compelling value proposition.”

Ferronoux was incorporated and registered with the Securities and Exchange Commission (SEC) on Dec. 14, 2001, as AG Finance Incorporated.

AG Finance’s primary purpose was 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.

The company’s shares were listed on the PSE on Aug. 13, 2013. On Feb. 6, 2018, the SEC approved the amendment of the company’s Articles of Incorporation to change its corporate name from “AG Finance Incorporated” to “Ferronoux Holdings, Inc.” and to change its primary purpose to that of a holding company.

On Nov. 27, 2017, ISOC Holdings, Inc. (ISOC) acquired 175 million common shares held by House Speaker Martin Romualdez’s RYM Business Management Corp. (RYM), equivalent to a 67 percent interest in the company.

A mandatory tender offer was conducted for the benefit of the minority shareholders and was completed on January 3, 2018. The shares were crossed via the PSE on Jan. 4, 2018.

As of Sept. 30, 2024, ISOC Holdings, Inc. owns a 51 percent interest in Ferronoux.

The company ceased its lending activity in 2015 and is currently evaluating and considering potential transactions with other entities. The company’s Board of Directors has also authorized its directors to enter into exploratory discussions with potential partners.

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