LT Group Inc., the listed holding company of business tycoon Lucio Tan, sold all its stake in Asian Alcohol Corp. to Prior Holdings Corp.
The conglomerate did not provide other details in the company’s disclosure to the stock exchange Friday. It has yet to issue additional information as of press time when sought for clarification.
Sources said Prior Holdings is a private company also owned by the Tan family.
Asian Alcohol, a subsidiary of LT Group’s Tanduay Distillers Inc., is the second biggest distillery in the Philippines with a facility in Negros Occidental.
It employs distillation process that uses molasses, yeast, water and other ingredients. It has a 10-hectare plant in Negros Occidental, considered the sugar industry capital.
The facility also houses a modern wastewater treatment plant which converts distillery waste into biogas energy for power requirements. It has a daily rated capacity of 210,000 liters of quality ethyl alcohol.
LT Group in 2022 also tried to sell Asian Alcohol to Victorias Milling Co. for P2.21 billion.
Both parties decided to cancel the sale, citing the “unusual market developments” in the sugar industry and the “steady pressure against the peso” as reasons.
