Cosco Capital settles P4-B corporate notes

LUCIO L. Co’s Cosco Capital, Inc. said that it had paid its P4-billion seven-year corporate notes to its creditors.

In a regulatory filing on Thursday, Cosco Capital said it had settled its loan with the following: Land Bank of the Philippines, Rizal Commercial Banking Corp., Maybank Philippines, Inc., Robinsons Bank Corp., Security Bank Corp., and United Coconut Planters Bank.

The company said the loan was used for its investment in liquefied petroleum gas distributor Liquigaz Philippines Corp. in 2014. It acquired Liquigaz from SHV Energy of the Netherlands.

Cosco Capital said it sold Liquigaz in 2019 “at over three times the acquisition cost,” without disclosing figures.

“Even after payment of the loan, Cosco Capital [continues] to remain in a healthy liquid position,” the company said.

Shares of Cosco Capital at the stock exchange improved by 0.59% on Thursday, closing at P5.10 each from P5.07. — Keren Concepcion G. Valmonte