Tan ups stake in VMC

Tycoon Lucio Tan acquired P660 million worth of shares in sugar milling and refining company Victorias Milling Co. Inc. from Hong Kong-based First Pacific Co. Ltd.

First Pacific said in a statement it agreed to dispose of its 14.8-percent shareholding in VMC  in two transactions totaling P2.16 billion. 

First Pacific said VMC acquired 300 million shares while the second buyer, the LT Group, through its subsidiary, acquired 131.9 million shares. Both transactions valued the sugar milling firm at P5 per share. 

The deal will boost LT Group’s stake in VMC by 4.5 percent to 28.1 percent. Prior to the deal, LT Group through liquor unit Tanduay Holdings Inc. owned a 23.6-percent interest in the sugar miller.