Lucio Tan's LT Group increases stake in PNB

LT Group Inc. has increased its indirect ownership of the Philippine National Bank (PNB) through its investment in different companies that own shares in the bank. “LT Group, Inc. invested in the holding companies to acquire controlling interest therein and therefore indirect interest in PNB,” the holding company stated in the Form 23-B (Statement of Changes in Beneficial Ownership of Securities) it submitted to the Securities and Exchange Commission, a copy of which it furnished the Philippine Stock Exchange on Thursday. The holding companies that the Lucio Tan-led company has invested in are Solar Holdings Corp. (5.38-percent stake in PNB); Caravan Holdings Corp. (5.38 percent); Merit Holdings & Equities Corp. (1.14 percent); Ivory Holdings Inc. (1.36 percent); Dunmore Development Corp. (0.99 percent); Kenrock Holdings Corp. (1.71 percent); Leadway Holdings Inc. (4.28 percent); Multiple Star Holdings Corp. (2.02 percent); Pioneer Holdings Equities Inc. (2.25 percent); Allmark Holdings Corp. (1.36 percent). The aggregate number of common shares held by these companies as a group comprises 25.87 percent of PNB. LT Group also informed the bourse that “the company intends to acquire up to 60 percent indirect ownership in PNB, and is currently working to comply with any requlatory requirements for said investment.” LT Group earlier acquired indirect ownership of PNB shares by purchasing seven companies which owned a combined 22.74 percent of shares in the bank: Donfar Management Ltd. (2.02 percent equity in PNB); Fast Return Enterprises Ltd. (1.19 percent); Fragile Touch Investments Ltd. (1.49 percent); Mavelstone International Ltd. (1.94 percent); Uttermost Success Ltd. (1.98 percent); True Success Profits Ltd. (5.38 percent); and Key Landmark Investments Ltd. (8.74 percent). PNB recently merged with the LT Group's other bank, Allied Banking Corp. The move boosted the surviving entity PNB's total outstanding shares by 75 percent. — BM, GMA News