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Tanduay acquires asset management company

- Zinnia B. Dela Peña () - September 14, 2006 - 12:00am
Liquor distiller Tanduay Holdings Inc. said its board has approved the acquisition of asset management company Unimark Investment (SPV-AMC) Corp.

Tanduay did not give other details but said the proposed transaction is within its ordinary course of business, in line with its primary purpose as a holding company.

Unimark Investments Corp., which has an authorized capital of P2 billion, was formed by a group headed by Robin Sy, president of the Federation of Filipino Chambers of Commerce.

Tanduay earlier said it plans to acquire shares in sugar miller Victorias Milling Co. Inc., which is now also controlled by the Lucio Tan Group of Companies, following a capital infusion of P300 million last year.

Deutsche Bank AG London earlier acquired 36.89 million shares of the country’s largest sugar firm. Deutsche Bank AG is a member of Germany’s Deutsche Bank Group, a leading global investment bank with a strong and profitable private clients franchise.

Weighed down by its huge debts, Victorias sought the suspension of payment of its loan obligations and, corporate rehabilitation in 1996.

It is now under a 15-year alternative rehabilitation plan developed by creditor banks. The plan required the sale of non-strategic assets and subsidiaries including Victorias Food Corp., restructuring loans from banks, and debt-to-equity conversions.

The Tanduay group currently operates three liquor bottling plants – one in Negros, another in Cabuyao, Laguna and another in Quiapo.

It had set aside P2 billion over the next three years for planned acquisitions and the establishment of a new plant. The company is scouting for a property in Visayas for its new liquor facility.

Tanduay is set to start the construction of a new liquor plant in Cagayan de Oro which is estimated to cost between P500 million to P1 billion. It is expected to be operational in the first quarter of 2007.

The firm is looking at new markets that will expand its customer base and aggressively shopping around for acquisitions that will grow its business and improve shareholder value.

DEUTSCHE BANK DEUTSCHE BANK GROUP FEDERATION OF FILIPINO CHAMBERS OF COMMERCE LUCIO TAN GROUP OF COMPANIES ROBIN SY TANDUAY TANDUAY HOLDINGS INC UNIMARK INVESTMENT UNIMARK INVESTMENTS CORP VICTORIAS FOOD CORP VICTORIAS MILLING CO
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