October 28, 2024 | 12:00am
MANILA, Philippines — Lucio Tan-owned liquor company Tanduay Distillers Inc. has unloaded its entire stake in alcohol unit Asian Alcohol Corp. (AAC).
In a stock exchange filing, LT Group Inc. said Tanduay sold all its interests in AAC to Prior Holdings Corp.
Tanduay is a wholly owned subsidiary of Tan’s LT Group holding 94.7 percent stake in AAC – a manufacturer of rectified and denatured alcohol.
Prior Holdings, meanwhile, is an existing shareholder of AAC.
The LT Group did not discuss more details of the transaction.
Back in 2022, sugar miller Victorias Milling Co. Inc. signed a sale and purchase agreement with Tanduay, Prior Holdings Inc. and Castelbridge Investment Corp. to acquire 100 percent of the outstanding capital stock of AAC.
However, in December of the same year, LT Group announced that the transaction was not pushing through “in view of recent global as well as local economic and political events affecting the relevant industries.”
“Tanduay Distillers Inc. recognized and acknowledged the present difficult environment surrounding the sugar industry and has agreed not to pursue the sale of the shares of Asian Alcohol Corp. to Victorias Milling Corp. It will on the other hand, continue to find other beneficial avenues for deriving best value from its investment in Asian Alcohol Corp.,” it previously said.
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