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Tanduay takes over Eaton liabilities

Posted on September 18, 2012 10:01:24 PM [ BusinessWorld Online ]

LISTED Tanduay Holdings, Inc. has moved to take over debt held by the largest shareholders of its real estate sister firm, Eton Properties Philippines, Inc., the former said in a disclosure yesterday to the Philippine Stock Exchange.

According to the disclosure, Tanduay Holdings’ board approved on Monday the company’s assumption of the liabilities held by Paramount LandEquities, Inc. and Saturn Holdings, Inc. to British Virgin Islands-based firms Step Dragon Co. Ltd., Billinge Investments Ltd., and Penick Group Ltd. Paramount owes Step Dragon P1,005,602,275.00 and Billinge P345,217,212.77, respectively, while Saturn owes Penick P521,307,734.82, the disclosure read.

“Paramount and Saturn own Eton Properties. They have liabilities from outsiders (Step Dragon, Billinge, and Penick). Tanduay Holdings will assume the liabilities of Paramount and Saturn from the outsiders. Paramount and Saturn will, in turn, owe Tanduay Holdings,” Wilson T. Young, Tanduay Holdings managing director and deputy chief executive officer, explained in a text message.

As of end-June, Saturn Holdings owned 1,231,550,433 shares equivalent to about 94.35% of Eton Properties, according to a regulatory filing. Tanduay Holdings will convert its receivables from Paramount and Saturn into shares, the disclosure added.

Last July, Tanduay Holdings’ board approved amendments to its incorporation articles as well as a name change to LT Group, Inc., paving the way for consolidation of tycoon Lucio Tan’s property, liquor, tobacco, banking and airline businesses under one listed firm.

Tanduay Holdings shares gained eight centavos 0.67% to P12.08 apiece yesterday from Monday’s P12.00. -- F. J. G. de la Fuente           
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