MANILA, Philippines - Lucio Tan's holding company has raised its stake in sugar milling company Victorias Milling Co.
In a disclosure to the stock exchange, LT Group said it bought an additional 63.15 million VMC shares owned by Development Bank of the Philippines (DBP) at P5.32 per share.
"The company's aggregate interest in VMC, including the convertible notes, amounts to 716,50.3347 equivalent to 23. 5 percent of the total issued and outstanding shares," the company said.
The move to hike its stake in VMC comes after Manuel V. Pangilinan's Metro Pacific purchased a 7.5 percent interest in the sugar milling firm.
Pangilinan had earlier said the company may increase its stake in VMC, depending on whether there are available shares.
Victorias Milling is involved in integrated raw and refined sugar manufacturing with plant facilities located in Victorias City, Negros Occidental.