Japan's Tosoh raises stake in Mabuhay Vinyl to nearly 90%

Japanese chemical and specialty materials maker Tosoh Corp. now owns almost 90 percent of the outstanding capital stock publicly-listed Mabuhay Vinyl Corp. 

 

In a filing with the Philippine Stock Exchange on Tuesday, Mabuhay Vinyl noted that  Tosoh bought an additional 48.05-percent of or 317,779,029 shares of the MVC's outstanding capital stock, raising its ownership to 87.97 percent.

 

The transaction was priced at P1.70 per share and was done on the PSE as a special block sale with a total acquisition price to P540.224 million.

 

Most or 234,572,931 of the shares were acquired from BDO Unibank Inc., while 83,206,638 shares were bought via a mandatory tender offer conducted by Tosoh.

 

MVC is the only Philippine company engaged in chlor-alkali processing. Its principal products are caustic soda and chlorine derivatives which account for about 99 percent of the company’s revenue. The process is the technology used to produce chlorine and sodium hydroxide (caustic soda), which are commodity chemicals.

 

The company operates manufacturing plants in Iligan City and in Biñan, Laguna.

 

Shares of Mabuhay Vinyl were up P0.27 or 14.21 percent at P2.17 apiece at the close of trading on Tuesday.

 

Tosoh is listed on the Tokyo Stock Exchange. – Jon Viktor Cabuenas/VS, GMA News