Philippine Daily Inquirer
4:28 pm | Monday, September 24th, 2012
Tanduay Holdings president Michael Tan: More than halfway through. PHOTO FROM LUXURYMANILA.COM
MANILA, Philippines—Tanduay Holdings Inc. is now “more than halfway through” the consolidation of major businesses under the group of tycoon Lucio Tan and is proceeding with up to three billion-share top-up offering within the year or early 2013, company president Michael Tan said.
Heir-apparent Tan told reporters after the company’s special stockholders’ meeting on Monday that the group was “very bullish” on the Philippine economy and the Aquino administration. “We’re also doing this because macroeconomic condition is very, very good. We feel it’s the right time to do this—to participate in the growing economy,” he said.
Tanduay shareholders approved during Monday’s special meeting the following:
– the change in corporate name to LT Group Inc., subject to final approval of charter revision from the Securities and Exchange Commission;
– the offering of up to three billion additional shares via a top-up offering, which means controlling shareholders will lend their shares for a quicker equity deal, then use the proceeds to purchase the same amount of shares; and
– the waiver of a public offering requirement in relation to the top-up offering.
The company has also chosen the UBS Investments Philippines Inc. as financial adviser and sole bookrunner for the proposed equity offering, which will effectively be a re-initial public offering (IPO) once major businesses under the group—tobacco, airline, liquor, banking and property—are consolidated into the company.
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Tags: Business , consolidation , LT Group , Lucio Tan firms , stockholders’ meeting
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