The majority shareholders of Chemical Industries of the Philippines Inc. led by businessman Antonio Garcia agreed to sell their controlling stake in the company to a group associated with the Unioil Group of Companies.
Chemphil said in a disclosure to the stock exchange majority shareholders Philippine Indochem Corp., Chemholdings Corp., A2K Holdings Corp., Chemphil Employees Livelihood Foundation Inc., and Antonio Garcia signed a share purchase agreement covering 5,866,001 common shares representing a 56.97-percent stake in the company to Lavish Sources Limited, Quantumlink Realty Corp. Citiworld Properties & Development Corp. and Exquadra Inc. for P1.04 billion.
The buyers are acquiring Chemphil shares at P177.63 apiece, representing a 36.6-percent premium to the stock’s closing price of P130 per share when it was last traded on Nov. 11.
Chemphil said the closing and the completion of the sale would be subject to the fulfillment of certain conditions including the conduct of a tender offer by the buyers in accordance with the requirements of the Securities Regulation Code.
Chempil, incorporated in 1958,serves as the parent company of CAWC Inc. which is engaged in the manufacture of industrial chemicals, Chemphil Manufacturing Corp. which manufactures liquid caustic soda and other industrial chemicals and Kemwater Phil. Corp. which produces and trade chemicals for the water and sewage, paper and detergent industries.
The Chempil group also sold a controlling stake in subsidiary LMG Chemicals Corp. in 2017.