MANILA, Philippines - Tanduay Holdings Inc. has obtained the approval of the Securities and Exchange Commission to change its corporate name to LT Group Inc. to reflect its transition from a liquor maker into the new holding company for Philippine-based assets controlled by businessman Lucio Tan.
The announcement was made in a Philippine Stock Exchange filing on Wednesday although the bourse said the name change has yet be reflected on its trading system pending submission by the company of additional requirements.
The LT Group is in the process of consolidating other Tan-controlled assets, which is expected to be completed this month.
The company said in July that it will acquire unlisted Tan-controlled companies Asia Brewery Inc. and Fortune Tobacco Corp. It will also acquire listed Eton Properties Philippines Inc., flag carrier Philippine Airlines and affiliate AirphilExpress, a low-cost carrier.
The LT Group is also buying minority positions in Philippine National Bank and Allied Banking Corp.
As a result of the consolidation, LT Group is expected to see total assets swell to P236.5 billion while liabilities will amount to P172.6 billion, a previous filing showed. The company said last month the final figures may still vary.
To support the restructuring, the company is planning an equity offering of up to 3 billion shares within the year or in early 2013. UBS AG is arranging the transaction.
Tanduay shares declined 2.5 percent to P11.70 each on Wednesday, giving it a market value of P46.6 billion.