P123B in paper losses: Lucio Co’s Keepers plunges 87 percent on FOO listing
Food

P123B in paper losses: Lucio Co’s Keepers plunges 87 percent on FOO listing

Bilyonaryo Lucio Co’s The Keepers Holdings Inc. (KEEPR) rose slightly above its follow-on offer (FOO) price as it resumed trading following a four-month suspension.

KEEPR closed at P1.69 on Friday, November 19, up 13 percent from its FOO price of P1.50 per share with P1.11 billion total trades.

But the stock was down 87 percent from its P12.82 close on July 7. a day before its trading was suspended by the Philippine Stock Exchange because its public float had dwindled to two percent or way below the mandatory 10 percent.

KEEPR’s market cap shrank 87 percent to 24.52 billion from P147.54 billion.

Co’s holding firm, Cosco Capital, had acquired 98 percent of KEEPR (when it was still known as Da Vinci Capital Holdings) in exchange for its liquor firms Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc.

With the issuance of three million new shares, KEEPR’s public float has improved to 20.82 percent. The backdoor listing enabled Co to have a pure play on wine and liquor business similar to bilyonaryo Andrew Tan’s Emperador.

 
0 0 votes
Article Rating
Subscribe
Notify of
guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x