Foreign investor raises stake in Victorias Milling
A company based in British Virgin Islands further increased its stake in sugar producer Victorias Milling Co. Inc.
VMC said in a filing with the stock exchange Premier Network International Ltd. of British Virgin Islands purchased another 157.5 million common shares in the sugar milling.
The new acquisition, equivalent to 6.86 percent of VMC’s 2.97 billion outstanding shares, solidified Premier Network’s position as the largest shareholder in the sugar miller.
The price of the transaction was not disclosed.
Premier Network acquired 484.67 million shares, which is equivalent to 24-percent stake in the company on Dec. 28, 2012. The shares were acquired from CVI GVF Lux Masters, a foreign investor in VMC.
This means Premier Network now controls 30.8 percent stake in VMC, making it the single-biggest shareholder of the sugar milling firm.
VMC said the acquisition by Premier Network was primarily for investment purposes.
Tycoon Lucio Tan, through Philippine National Bank and Tanduay Holdings Inc., owns 16 percent of VMC.
VMC is engaged in integrated raw and refined sugar manufacturing. It has sugar plant facilities in Victorias City in Negros Occidental. The company is currently under corporate rehabilitation.
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