ISOC Selling Stake in Ferronoux for P297M

ISOC Holdings of Michael Cosiquien is selling its stake in listed Ferronoux Holdings Inc. to Themis Group Corp. for P297 million.

- - Richmond Mercurio

In a disclosure, Ferronoux said that ISOC Holdings entered into a deed of assignment of shares with Themis for the sale, transfer and assignment of all of its 133.53 million common shares in the listed company for P2.22 apiece.

ISOC currently holds 51 percent of the total issued and outstanding capital stock of 261.82 million common shares of Ferronoux.

Ferronoux, however, intends to issue 80 million common shares arising from the private placement by way of subscription by Themis.

As such, ISOC's shareholdings will be at 39.06 percent of the total issued and outstanding capital stock of 341.82 million common shares post-subscription of Themis.