Singapore fund completes acquisition of Emperador stake


Posted at Dec 04 2014 07:56 PM | Updated as of Dec 05 2014 03:56 AM

MANILA, Philippines - Emperador Inc. on Thursday said Singapore's sovereign wealth fund has completed its acquisition of an 11.76 percent interest in the Andrew Tan-led liquor firm worth P22 billion.

"We wish to advise that Arran Investment Private Limited, an affiliate of GIC Private Limited, Singapore's sovereign wealth fund, has completed today its initial investment in Emperador Inc. of P17.6 billion comprising the purchase of common shares and equity linked securities convertible to common shares and an option to invest additional amount of P4.4 billion," Emperador told the stock exchange.

Last month, Emperador said Arran Investment is acquiring 1.12 billion of the company's shares at P11 per share or a total of P12.3 billion, and P5.28 billion of equity-linked securities.

Emperador is the largest spirits company in the Philippines, as well as the world's biggest brandy producer.

Earlier, Emperador chairman Andrew Tan welcomed the entry of GIC into the company.

"We welcome the entry of GIC, a reputable world-class global fund manager, into Emperador. EMP has a strong capital position and the
transaction is a partnership with a long-term and like-minded investor. The partnership enhances AGI’s track record of growing companies into market leaders through strong execution, brand building and product innovation," Tan said.

The company had recently completed its P31 billion acquisition of UK-based Scotch whisky maker Whyte & Mackay. Whyte & Mackay is the fifth largest maker of Scotch whisky in the world.