The company has sharply scaled back the transaction at the center of that transformation, replacing a P4.3-billion property-for-share swap with a P1.52-billion deal involving a single property beside Okada Manila, a stock exchange filing on Monday showed.
After a one-hour trading halt, investors cheered the revised plan, sending Ferronoux shares up 47.1 percent to P4.09 by the midday break.
Instead of acquiring three parcels totaling 94,144 square meters in exchange for 918 million new shares, Ferronoux will now acquire one 33,077-square-meter property from Eagle I Landholdings Inc. for at least 356 million new shares.
Eagle 1 is an affiliate of the Okada Group, which operates the Okada Manila integrated casino.
The company said the original transaction, approved by shareholders in March 2025, was never implemented because of “supervening events,” although it did not explain what prompted the overhaul.
Prime property
The property is located in Aseana City, Parañaque, beside the Okada Manila integrated resort.
Ferronoux said part of the site is currently being used for support facilities of the casino complex but will eventually be vacated once construction of a planned mixed-use development begins.
The board also approved increasing the company’s authorized capital from 550 million shares to one billion shares, extending Themis Group Corp.’s private placement and launching another share sale to help meet minimum public ownership requirements.
Second reinvention
Ferronoux traces its roots to AG Finance Inc., a salary loan company established in 2001.
The listed company was acquired nearly a decade ago by businessman Michael Cosiquien’s ISOC Holdings as a vehicle for expansion into property, cold-chain logistics, energy and infrastructure. However, the planned asset injection never materialized.
Cosiquien sold control of the company to a new investor group in 2024, which unveiled its own strategy to transform Ferronoux into a developer of master-planned mixed-use projects.
—Edited by Miguel R. Camus
