Ferronoux Holdings, being a shell company, makes it an ideal target for prospective businesses looking to enter the stock exchange without going through the usual initial public offering route.
Ferronoux, which trades under the stock symbol "FERRO", is in ongoing "discussions with potential partners", an industry insider said.
The company has soared nearly 68 percent since the start of 2024 and is currently valued at around P1.2 billion.
Ferronoux Holdings was previously owned by RYM Business Management Corp., linked to the family of House Speaker Martin Romualdez, before it was purchased by Cosiquien’s ISOC Holdings seven years ago.
Cosiquien, a co-founder of listed Megawide Construction alongside tycoon Edgar Saavedra, is involved in various businesses, including property, infrastructure, cold storage, and energy.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
