LUCIO CO-LED investment holding firm Cosco Capital Inc. on Thursday announced the termination of a more than two-year-old joint venture agreement with Thailand-based Siam Global Public Co.
The Dec. 23 decision to end the agreement, signed on June 17, 2022, was said to have been 'mutually arrived at after strategically reviewing the current market conditions.''At present, the management of both parties mutually decided to no longer proceed and finally terminate the agreement,' it added.No other details were provided.The planned joint venture was for the operation of a one-stop home improvement warehouse in the country.
Cosco and Siam Capital had expected to incorporate the new joint venture company within four months from the June 2022 announcement.'The transaction is in line with the expansion program of Cosco Capital which would enable it to invest through a joint venture with a foreign group into a new line of business that will be accretive in terms of investment income for the company,' it said.Last month, Cosco reported a net income after tax of P3.
Siam Global Terminate JV Plans
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