Minority shareholders of AG Finance Corp. ignored the tender offer of ISOC Holdings Inc., a holding company owned by Megawide Construction Corp. chairman and chief executive Michael Cosiquien and his family.
None of the 86.4 million shares, representing 33 percent of the total outstanding shares of AG Finance owned by the minority, participated at the end of the offering period on Jan. 4, according to a report filed with the Philippine Stock Exchange.
With the completion of the tender offer, AG Finance said its major shareholder RYM Business Management Corp. completed the sale of its 175.4 million shares in the company, equivalent to a 67-percent stake, to ISOC for P380 million.
ISOC after the acquisition plans to amend the articles of incorporation of the company and change its corporate name.
Formed just April last year, ISOC is considering transforming AG Finance into a real estate, energy or logistics company. ISOC is currently building a 2,412 square-meter cold storage facility.
“However, as of date, while various options are being considered, there are neither concrete plans nor definitive agreements with regard to the said options as the bidder is still studying the structure and options best suitable for its plans,” AG Finance said.
Cosiquien is one of the major shareholders of listed construction and engineering firm Megawide. It is among the country’s leading contractors for residential, commercial, hotel and mixed-use projects. Megawide has assets in construction, airport, and progressive property development.
RYM Business in 2015 acquired micro-lender AG Finance from the group of Tony King and his family, two years after it was listed with the Philippine Stock Exchange.
AG Finance was established in 2001 as a financing company providing short-term, unsecured credit facilities to permanent rank and file employees of medium-sized firms in the Philippines.