LT Group’s president dumps majority of shares

MANILA, Philippines – LT Group president Michael Tan disposed of majority of his shares in the holding firm, according to a regulatory filing on Monday, July 8.

Tan, one of the sons of the conglomerate’s founder Lucio Tan, let go of 233,000 shares worth P15.32 each. This amounts to about P3.7 million worth of shares.

This also leaves Tan with only 1,100 shares. The company did not disclose who will be benefiting from Tan’s unloaded shares or why he had released most of his shares.

In a separate disclosure, the company said Harry Tan, Lucio Tan’s younger brother, currently owns the most number of shares at 3,300. He is followed by Lucio and Lucio’s wife Carmen, who own 2,200 shares each.

In early 2019, LT Group announced a P19-billion capital expenditure program for the year, according to a BusinessWorld report. A huge chunk will be going to the Philippine National Bank, followed by the company’s property projects.

LT Group’s liquor arm also recently announced plans to buy Roxas Holdings Incorporated’s sugar mill in Batangas and even diversify its business to also produce energy. – Rappler.com