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Alliance Global buys 3rd largest liquor firm in RP |
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Tuesday, 20 February 2007 |
Alliance Global Group Inc. (AGI), a listed investment holding firm controlled by businessman George Yang, has approved the acquisition of 100 percent of rhum maker Emperador Distillers Inc. and a 25- percent stake in upscale property developer Megaworld Inc. for P20 billion.
Both Emperador Distillers and Megaworld are owned by industrialist Andrew Tan, who also holds a stake in AGI.
In a disclosure to the Philippine Stock Exchange (PSE), AGI said it is acquiring Emperador Distillers, the third largest liquor manufacturing company in the country, for P3 billion in cash by way of purchase of all its common shares. Upon completion of purchase, Emperador Distillers will become a wholly-owned subsidiary of AGI.
Emperador Distillers, the country’s third largest liquor firm, recently raised its capital to P2 billion from only P10 million. Among its products include Club Valentino Rhum, Collector’s Premium Whisky, Andy Player Special Whisky, and Emperador Brandy.
Source: ABS-CBN
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