Business

Garcia family to proceed with sale of LMG stake

Chemical Industries of the Philippines is pushing through with the divestment of its 65.92 percent stake in LMG Chemicals Corp.

Chemical Industries of the Philippines is pushing through with the divestment of its 65.92 percent stake in LMG Chemicals Corp.

Chemphil seemed to have found a new buyer for its stake in LMG after negotiations with the triumvirate that controls mass housing developer 8990 Holdings Inc. fell through.

In a stock exchange filing, Chemphil said majority of the members of its board of directors approved anew the sale of its shareholdings in LMG.

Share prices of LMG rose to as much as P6.09 Monday after closing at P5.40 each or 10 percent lower than Friday?s close.

Last May 16, Chemphil signed a deal to sell its 127.5 million shares in LMG to Newman Holdings Inc. Sources said the people behind Newman are 8990 Holdings chair emeritus Luis Yu, 8990 Holdings chair Mariano Martinez and president Januario Jesus Atencio.

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