MANILA -- Cosco Capital Inc, which operates supermarket chains Puregold and S&R, said Monday it was divesting from liquefied petroleum gas dealer Liquigaz Philippines.
Cosco Capital said its subsidiary, Canaria Holdings Corp, would sell its entire stake, equivalent to 826,530 shares, to Fernwood Holdings Inc. It did not disclose the value of the deal.
The company controlled by billionaire Lucio Co told the stock exchange that it exited Liquigaz to "maximize shareholders' value and achieve financial flexibility moving forward."
Canaria and Fernwood signed a share purchase agreement last Oct. 19, Cosco said.
Shares of Cosco Capital were up 1.19 percent in early trading Monday after the transaction was announced. The Philippine Stock Exchange Index was down 0.02 percent to 7,150.39.