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Betting on family business: Lao cousins, holding firm splurge P36.5M to buy more D&L shares

The Lao family spent P36.5 million to buy more shares of their chemical firm, D&L Industries Inc., in anticipation of a bounce back.

The Laos, through the family holding firm Jadel Holdings, bought 6.235 million D&L shares at P5.32 to P5.54 per share fro October 12 to October 15. Jadel owns 60 percent of D&L.

The Lao cousins also bought shares individually last September – Dean, Lester, Vincent, and Alvin bought 100,000 shares each while Ainslee Anne acquired 50,000 shares at P5.54 per share.

D&L is currently trading at P5.85 or 36 percent down from P9.18 at the star if the year.

The company’s food, oleochemicals and plastics businesses were hard hit by the pandemic with profits plunging 43 percent to P802 million in the first half.

Alvin, the D&L president, expects net income to reach as much as P1 billion in the second half due to easing of quarantine restrictions.

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