Tanduay unit inks deal with Singapore bank

Tanduay Distillers Inc. said its wholly-owned unit Unimark Investments Corp. has inked an agreement with Singapore-based Standard Merchant Bank for the sale of its assets to the bank.

Tanduay acquired Unimark, an asset management company, in September. Unimark has an authorized capital of P2 billion.

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

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

It has set aside P2 billion over a three-year period for planned acquisitions and the construction of a new plant.

Tanduay is currently building 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 by 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.