Ferronoux Holdings Inc., a listed company owned by businessman Michael Cosiquen, is selling nearly one-fourth of its business to Themis Group Corp. for an undisclosed amount.
Ferronoux said in a disclosure to the stock exchange Friday its board of directors approved the private placement by way of shares subscription.
Under the agreement, Themis will subscribe to 80 million shares, equivalent to 23.40-percent interest in the company.
“The corporation shall issue the said 80,000,000 common shares to Themis upon execution of relevant subscription agreements upon receipt of 25-percent partial payment as well as payment of documentary stamp taxes,” Ferronoux said.
Ferronoux, one of the top-performing stocks in 2024, was speculated as a potential candidate for a backdoor listing. The company’s share price surged from a 52-week low of P1.26 per share to a high of P4.97, marking an increase of 294 percent.
The company said it was in negotiations with multiple parties.
“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,” the company said earlier.
As part of the agreement, Themis will receive two board seats. Abel Almario and Philipe Aquino will be appointed to these positions, replacing existing directors Jesus Chua Jr. and Yerik Cosiquien, who have resigned.
Aquino is a Filipino professional serving as a director and corporate secretary for several corporations. He joined M.M. Lazaro and Associates as a junior partner in July 2024, after previously working as a consultant and associate at the firm.
Almario is a senior partner at M.M. Lazaro and Associates. He also holds leadership roles, including president, vice president, chairman and director at several companies.
He serves as corporate secretary for companies such as Urban Consolidated Constructors Phils. Inc., Maxifix Realty Services Corporation, Amstream Management Corporation and Algimar Port Management & Allied Services Inc.
