MANILA, Philippines – Pacifica, Inc. (PSE:PA) clarifies the report published on Businessworld Online, pertaining to its plan of a backdoor listing or reverse takeover of Kuya J, entitled “Grooming Kuya J”.
In a disclosure to the Philippine Stock Exchange (PSE) filed on behalf by Cristina Palma Gil-Fernandez, PA Corporate Secretary and Corporate Information Officer, the company confirms the tender offer filing of Unido Capital Holdings, Inc. from January 6 to February 3, 2017 for a tender offer price of P0.007 per share.
Based on the Biz Buzz column report, Unido is planning to buy 36.52 percent of the outstanding capital stock of Pacific from Mikro-Tech Capital, Inc. and 9th Kingdom Investments Corp. Once the acquisition is done, the current stake of its affiliate, Iholdings, Inc., will own Pacifica’s 64.17 percent outstanding interests.
However, there is no certain plan at present regarding the backdoor listing or reverse takeover in relation to Kuya J or Pacifica. The firm also clarifies that there is no initial or definitive deal settled or carried out about the matter.
According to the news report, Kuya J’s Lowell Yu is considering to take 64.17 percent ownership in Pacifica, which is considered to be a dormant company for exploring minerals.
Yu’s Unido, based on a PSE report last week, submitted a tender offer to Pacific shareholders at a price of P0.007 per share. Unido is considering to buy 14.33 billion PA common shares, which is composed of 35.83 percent of interests presently owned by the public. This year on February 3, the company will hold the tender offer at noon.
The Businessworld Online news added that Unido is taking into consideration using PA as a key for a reverse takeover by a current company concern, which may support its revenue increase. Nonetheless, the news added that there is no definitive action disclosed yet.
The news also reported based on their information source that Yu is probably acquiring Pacifica as a future backdoor listing solution for the restaurant chain, Kuya J. The Cebuano food place is quickly establishing a name in the Philippines for the past couple of years.
It was speculated that the food chain would go public once it reaches a network of 100 restaurants. Presently, Kuya J has 60 branches, showing the possibility is nearing.
Lowell Yu also is the standing Chairman of Pacifica, Inc.
Pacifica, Inc. was incorporated on September 2, 1957. The company is committed to exploring, drilling, and exploiting gas, oil, and other explosive substances. From an exploration company, Pacifica converted into a holding company on October 6, 2000, after obtaining approval from the Securities and Exchange Commission (SEC). Nonetheless, restrictions on financial assistance and scheduling made PA incapable of pursuing bio-ethanol fuel and real estate businesses.