The share price of Da Vinci Capital Holdings Inc., a shell company owned by retail magnate Lucio Co, sizzled on Wednesday as the company announced several corporate changes, signaling a possible revival of operations.
Da Vinci’s stock jumped 50 percent on Wednesday to close at P4.68 from Tuesday’s P3.12.
Da Vinci said in a disclosure to the stock exchange its board of directors approved the plan to increase its authorized capital stock to P1 billion from P327 million.
The board also approved to change its corporate name to The Keepers Holdings Inc., the primary and secondary purpose and its par value to P1 per share.
The company will conduct a stockholders meeting on Nov. 20, 2020, to approve these corporate changes.
Da Vinci was formerly incorporated as Mariwasa Manufacturing, Inc. on Nov. 5, 1953 to primarily engage in the manufacture of ceramic tiles.
The company was acquired in 2013 by Co. There were speculations that Co would use Mariwasa as a backdoor lasting vehicle for his power generation projects.
Da Vinci has remained a shell company.
Aside from Da Vinci, Co also owns two other listed firms—Puregold Price Club Inc. and Cosco Capital Inc.
The Co family owns several office buildings including Alphaland Southgate at the corner of EDSA and Pasong Tamo in Makati City and Alphaland Tower along Ayala Avenue.