Cosco absorbs Da Vinci Capital into wine, liquor business

ABS-CBN News

Posted at Feb 22 2021 04:01 PM

Cosco absorbs Da Vinci Capital into wine, liquor business 1
Cosco Capital Inc logo. Photo from Philippine Stock Exchange

MANILA - Cosco Capital Inc and Da Vinci Capital Holdings Inc (DAVIN) -- both owned by businessman Lucio Co -- are entering a share swap deal that will integrate DAVIN into Cosco's wine and liquor business.

Both firms said their respective board of directors approved the share swap deal on Monday.

Under the deal, Cosco will acquire a controlling interest in DAVIN.

DAVIN, in turn, will acquire 100-percent ownership in Cosco's three wine and liquor units.

DAVIN, a shell company with no operations, will now hold and control Cosco's subsidiaries.