RVO Capital Ventures Corporation, a holding company owned by Ashmore Group’s Philippine representatives Roberto V. Ongpin and Eric O. Recto, is spending about P338 million to acquire Macondray Plastics Inc. for possible backdoor listing of a real estate business.

In a disclosure to the Philippine Stock Exchange (PSE) on Saturday, MPI said its parent company, the Lorenzo family’s Macondray & Company Inc. has entered into a share purchase agreement with RVO Capital.

Under the agreement, RVO Capital will buy a 66 percent stake in MPI, equivalent to 99.44 million shares at P2.20 per share or a total of P218.78 million. This will be paid in cash upon regulatory approval of the sale.

MPI said the price represents a 10 percent premium on the 90-day trailing average (P2.00 per share) of the closing price of MPI’s shares in the PSE. The price also represents a 25 percent premium on MPI’s net book value as of the end of August 2009 of P1.76 per share.

Since the acquisition involves more than 35 percent of MPI, RVO Capital will also make a tender offer for all the remaining shares of MPI under the same terms and conditions provided in the share purchase agreement with Macondray.

Based on the same price, RVO Capital will be spending a maximum of P109.4 million for the remaining 34 percent of MPI.

MPI said it is currently evaluating with RVO Capital several investment opportunities which will take effect after RVO Capital’s acquisition of MPI shares is completed.

Macondray Plastics is engaged in the manufacturing of plastic products for the agri-banana industry but last September 17, its board of directors decided to spin off the plastic business into a new subsidiary to be called Macondray Plastic Products Inc.

MPI said the spin-off will allow it ‘to evaluate and act quickly on other investment opportunities as they arise,” adding that “among opportunities being evaluated is diversification of the company by investing in the property sector.” (JAL)