Da Vinci Holdings Inc. of businessman Lucio Co obtained the Securities and Exchange Commission’s approval for an increase in its authorized capital stock, a move that will bring it closer to the planned backdoor listing of its liquor business.
The company said in a disclosure to the stock exchange the SEC also approved the change in the company’s corporate name to The Keepers Holdings Inc.
Da Vinci said in March that its board of directors approved a share swap deal with to Cosco Capital Inc., the listed holding company of Co.
Under the plan, DAVIN will issue 11.25 billion common shares of the corporation, which will be created and issued out of an increase in its authorized capital stock, to Cosco in exchange for the latter’s 100 percent outstanding shares in liquor firms Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc.
The shares to be issued to Cosco will come from the increase in the company’s authorized capital stock stock to P2 billion from P327.6 million.
