LT Group Inc (LTG) has doubled its interest in sugar refinery Victorias Milling Company Inc (VMC). The financial terms of the stake buy were not disclosed, according to Rappler.
Based on a regulatory filing, LTG has increased its VMC stake from 7.4% to 14.8%. The move comes after LTG competitor First Pacific was reported to be planning to buy Metrobank's 7% holding in the sugar mill, the report explained.
VMC is a company that produces integrated raw and refined sugar. Its factory is currently located in Victorias City, Negros Occidental. At present, the firm is undergoing a 15-year rehabilitation program to decrease its debt. It is also improving its facilities to gear up for a tighter competition in the sugar industry in 2015, the report detailed.
LTG, which is led by Philippine tycoon Lucio Tan, is a company involved in the tobacco, distilled spirits, and property development businesses. Tanduay Distillers Inc, Philip Morris Philippines Manufacturing Inc, and Eton Properties Philippines Inc are among LTG's subsidiaries, Rappler reported.
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