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MANILA - (UPDATED 5:55 p.m.) Tanduay Holdings Inc. is set to become the holding company for the businesses of tycoon Lucio Tan.
In a disclosure to the Philippine Stock Exchange, the liquor maker said it obtained board approval to amend its Articles of Incorporation and By-Laws to reflect the change in its corporate name to LT Group Inc. The bourse early in the day approved a voluntary trading suspension on Tanduay.
The company was also cleared to acquire a majority stake in Tan-led companies Asia Brewery Inc., Fortune Tobacco Corp., Eton Properties Philippines Inc., Philippine Airlines Inc., Air Philippines Corp., Philippine National Bank and Allied Bank Corp.
The transactions will materially expand and diversify the investments of the company, Tanduay said.
"The board of directors believes the enlarged portfolio will provide the corporation with significant opportunities for synergies and business growth, including but not limited to synergies in marketing and distribution, enhanced flexibility in funding, as well as improved financial profile, all of which, the board believes, will contribute to enhance shareholder value," the company said.
The company last week said it was nearly finished with its build-up to transform Tanduay into a global brand, with initial shipments of its liquor products planned for the US West Coast.
Tanduay has partnered with four US firms engaged in logistics, marketing, dealership and backroom services to assist the Philippine company in its planned foray to the US market.
Last Friday, shareholders cleared amendments to the company's Articles of Incorporation, hiking its authorized capital stock from P5 billion to P25 billion.
Tangent Holdings Corp., the firm's major shareholder, will subscribe to a fourth of the increase, which will be listed in the Philippine Stock Exchange, subject to regulatory approvals.
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