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Tuesday, May 13, 2014

Lucio Co holding firm cleared to raise P5B in debt

The holding firm of businessman Lucio Co was cleared to raise P5 billion from the sale of debt papers.

In a disclosure to the Philippine Stock Exchange, Cosco Capital Inc said it would sell seven-year corporate notes worth P4 billion and 10-year debt worth P1 billion.

The interest rates of the debt papers will be determined on Wednesday.

Cosco has interests in retail through Puregold Price Club Inc, real estate, liquor distribution and oil storage. It is venturing into non-food specialty retail through mergers and acquisitions as well as organic growth.

Formerly known as Alcorn Gold Resources Inc, Cosco became the holding firm for Co's businesses after a P74.81-billion share-swap transaction.

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