Invescap Incorporated entered into an agreement to acquire 85% stake in Mariwasa Siam Holdings, Inc. (PSE:MMI) from Klarence Dy, Glenn Paul Garcia, Gilpatrick R. Garcia and Alfonso Anggala for approximately PHP 290 million on March 20, 2013. Lucio L. Co will acquire 956.2 million shares at a price of PHP 0.31 per share. Klarence Dy will sell 41.77% stake, Glenn Paul Garcia will sell 13.45% stake, Gilpatrick R. Garcia will sell 4.86% stake and Alfonso Anggala will sell 24.92% stake under the agreement. Alfonso Anggala will retain 14.91 million shares after the completion of the transaction. The consideration includes payment of PHP 20 million to Alfonso Anggala on account of all seller, which is already received by Alfonso Anggala, PHP 247.5million to be paid on closing by way of managers cheque and balance of PHP 25 million on expiration of indemnity period by way of managers cheque, which is that, buyer may not bring any claim against the sellers, unless the buyer gives written notice of any such claim, specifying in reasonable sufficient detail the nature of the breach and, to the extent practicable, the amount claimed thereof, on or prior to the date falling one year from the closing date.

The transaction is subject to the completion of a mandatory tender offer for remaining shares of Mariwasa Siam Holdings to be made by Invescap Incorporated. On closing, the sellers shall deliver to Invescap Incorporated, written irrevocable and unconditional resignations of all the directors and officers, audited financial statements of Mariwasa Siam Holdings, Inc., SEC approval on the amendments of articles of incorporation. The transaction is expected to close on April 26, 2013. On completion, the Board of Directors of the sellers will resign and simultaneous election of the new directors and officers will be nominated by Invescap Incorporated. As of April 24, 2013, the sellers and Invescap mutually agreed to move the closing date of the transaction from April 26, 2013 to May 3, 2013.

Invescap Incorporated completed the acquisition of 85% stake in Mariwasa Siam Holdings, Inc. (PSE:MMI) from Klarence Dy, Glenn Paul Garcia, Gilpatrick R. Garcia and Alfonso Anggala on May 3, 2013. On completion, Lucio L. Co was elected as President and the Chairman of the Board and Editha D. Alcantara was elected as Executive Vice President, Treasurer and Director, Jocelyn Rodulfa, Maridel Behagan, Elaine Mariz Mendoza, Maricel Bueno, Shermagne Joy Danca were elected as Directors and Candy D. Datuon was elected as Corporate Secretary, Corporate Information Officer Compliance Officer.