United Auctioneers’ Dominic Sytin to acquire LMG
United Auctioneers Inc. founder and CEO Dominic Sytin has entered into a deal to acquire Chemical Industries of the Philippines Inc.’s 65.92 percent stake in LMG Chemicals Corp. for P405 million.
In a disclosure to the stock exchange, LMG said the sale purchase agreement was signed on Oct. 20, 017 with Sytin and Robinson W. Siao.
United Auctioneers is a renowned auctioneer of imported second-hand trucks and heavy equipment.
The closing and completion of the sale is subject to the fulfilment of certain conditions including the conduct of a tender offer by Sytin and Sao in accordance with the requirements of the Securities Regulation Code.
Chemphil earlier called off a deal to sell its LMG stake to the group led by 8990 Holdings Inc. founders, who are believed to have had a falling out.