MANILA – Andrew Tan-led Emperador Inc. has approved the issuance of shares of up to P22 billion to Arran Investment Private Limited, an affiliate of Singapore's sovereign wealth fund GIC.
In a disclosure to the stock exchange on Monday, Emperador said its stockholders ratified the issuance of common shares and equity linked securities convertible to common shares, which will be taken from the unissued shares of the Emperador, under the terms and conditions approved by the Board of Directors.
The firm has also ratified the Employee Stock Option Plan as approved by the Board of Directors for qualified employees of Emperador and its subsidiaries.
Emperador earlier announced that Arran Investment completed its acquisition of an 11.76 percent interest in the liquor firm.
Last month, Emperador said Arran Investment is acquiring 1.12 billion of its shares at P11 per share or a total of P12.3 billion, and P5.28 billion of equity-linked securities.
Emperador is the Philippines' largest spirits company and the world's biggest brandy producer.