Lucio Tan hikes stake in Victorias Milling  

Lucio Tan's conglomerate LT Group Inc. (LTG) on Friday announced it has boosted its stake in sugar manufacturer Victorias Milling Company Inc. (VMC), following the acquisition of an additional 4.5-percent stake in the company.

In a disclosure to the Philippine Stock Exchange, the LTG said it acquired a total of 131,863,677 shares of First Pacific Company Ltd. in VMC. worth P659.318 million, increasing the company's stake to 28.1 percent.

Prior to the deal, LTG owned a 23.6-percent interest in the firm through its liquor unit Tanduay Holdings Inc.

This is part of the sale of the 365-million VMC shares which were earlier approved to be sold by First Pacific-owned First Agri Holdings Corp., Hargate Investments Limited, and Nestar Investments Limited.

The remaining shares were bought back by VMC, with both transactions priced at P5.00 apiece.

VMC saw its total comprehensive income increase to P266.271 million in September to November 2015 -- the first three months of its fiscal year ending August 2016 -- from the P292.189 million the same period the previous year.

LTG businesses include beverage, tobacco, property development, and banking businesses with subsidiaries and associates such as Tanduay Distillers Inc., Tanduay Brands International Inc., Asia Brewery Inc., Fortune Tobacco Corp., Philippine National Bank., Saturn Holdings Inc., Paramount Landequities Inc., and Eton Properties Philippines Inc.

Share prices of Victoria's Milling Co. Inc. shed 1 centavo or 0.21 percent to close at P4.70 apiece on Friday.

Meanwhile, shares of LT Group Inc. dropped P0.160 or 0.97 percent to 16.30. — APG, GMA News