DAVIN’s suspension starting 8 July 2021 came after the Securities and Exchange Commission (SEC) approved the massive overhaul of bilyonaryo Lucio Co’s shell company into a holding firm of his hard liquor and wine brands.
DAVIN’s last trade price was P2.95, its lowest since March 2016.
The SEC gave the greenlight to the shares swap between Co’s holding firms – Cosco Capital will transfer 100 percent of its shares in Montosco, Inc., Meritus Prime Distributions, Inc., and Premier Wine & Spirits, Inc. to DAVIN in exchange for P22.5 billion worth of DAVIN shares.
The shares swap will give Cosco a 98 percent share in DAVIN and leave Invescap with 1.9 percent (from 85 percent) and the public with less than one percent share (from 15 percent).
The minimum public float required is 10 percent.
Co is planning to conduct a follow-on offering to raise more funds for the operation of its new business and to comply with the minimum public ownership requirement.
Aside from the shares swap, the Sec also approved DAVIN’s name change to The Keepers Holdings; revisions in its primary and secondary purposes, and corporate term; increase in par value from 2.3 centavos to 10 centavos per share; and increase its authorized capital stock from P327.6 million to P2 billion.
