Cosco Capital, Inc. to Acquire 100% of the of the Outstanding Shares of Matuno River Development Corporation

Cosco Capital, Inc. (Cosco) intends to acquire 100% outstanding shares of Matuno River Development Corporation at a price below 10% of Cosco's total book value as of March 31, 2024.

On July 3, 2024, the Board of Directors of Cosco Capital, In. held a special meeting approving the corporation's acquisition of 100% outstanding shares of Matuno River Development Corporation, pending completion of its negotiation stage.

The Board has also authorized executive officers of the company to take all necessary actions to carry out the intended transaction, including the execution, signing, and submission of all appropriate and pertinent contracts, agreements, and other relevant documents.

The intended transaction offers Cosco Capital, Inc. the opportunity to enter into another profitable business within the renewable energy sector. This strategic move will enhance its sustainability profile, demonstrate a commitment to environmental responsibility, while contributing to the country's overall economic development.

Cosco Capital, Inc. is one of the fastest-growing retail holding companies in the Philippines. Because of its openness to progress and change, it captured all available business opportunities that came its way. Cosco Capital, Inc., was formerly known as Alcorn Gold Resources Corporation and was incorporated on January 19, 1988 as Alcorn Petroleum and Minerals Corporation.

Cosco Capital, Inc. currently has a portfolio of business interests in retail, real estate, wine and liquor, and oil and minerals. The Company's subsidiaries include Puregold Price Club, Inc.; Kareila Management Corporation; Office Warehouse, Inc.; Ellimac Prime Holdings, Inc.; The Keepers Holdings, Inc.; and Alcorn Petroleum and Minerals Corporation.

Matuno River Development Corporation (MRDC) is a domestic corporation incorporated and registered with the Securities and Exchange Commission on 01 September 2014.

MRDC is the developer of the Matuno River Hydroelectric Power Plant, a 8.66MW run-of-river hydroelectric power plant located in Bambang, Nueva Vizcaya, and is covered by a Hyrdo Power Service Contract with the Department of Energy. This power station draws energy from the Matuno River, a tributary of the Magat Dam.