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A special-purpose vehicle, which seeks to freeze the
proceeds of the sale of Pepsi-Cola Products Philippines, Inc.
shares, has filed a complaint against the subsidiaries of Prime
Orion Philippines, Inc., a distributor of the soft drinks company.
In a disclosure to the Philippine
Stock Exchange, Prime Orion reported that Asset Pool A (SPV-AMC),
Inc. has filed a complaint against its subsidiaries that include
Orion I Holdings Philippines, Inc., Orion Brands International, Inc.
and Orion Land, Inc.
According to the holding company,
Asset Pool filed the complaint in its capacity “as alleged
assignee” of loans of Lepanto Ceramics, Inc. with the Bank of
Philippine Islands. Lepanto Ceramics is an indirect subsidiary of
Prime Orion.
The complaint also included the
subsidiaries’ directors Felipe U. Yap, DavidC. Go, Yuen Po Seng,
Ronald P. Sugapong and Daisy L. Parker as well as third parties such
as Hong Way Holdings, Inc. and Nassim Capital Pte, Ltd.
The complaint “prayed,” among
others,” for the issuance of a TRO or a writ of preliminary
injunction to freeze the proceeds of the sale of the PCPPI shares
and the cancellation of the shares sale to Orion Land, Hong Way
Holdings and Nassim Capital.
Early this year, Orion Brands
International sold 584.3 million common shares in Pepsi-Cola
Products Philippines, Inc. to Singapore-based Nassim Fund for $21.16
million at $0.036 a share.
Prime Orion has other interests
that include real estate and property development, manufacturing and
distributing ceramic tiles and construction-related materials and
financial services.
--Likha C. Cuevas
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