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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