British Virgin Island-based firm Premier Network International Ltd. sold 375 million VMC shares at P1.50 each to its con-investor in the sugar firm, Narra Capital Investment Corp., on 19 January 2021.
The deal is worth P562.5 million and the sale price is at a 32 percent discount to VMC’s market price at P2.22.
With its acquisition, Narra Capital raised its stake in VMC to 34.32 percent from 20.65 percent. It is now the biggest shareholder of VMC after surpassing the LT Group’s 30.9 percent share.
Premier Network, which invested in VMC in 2013 at a purchase price of P1 per share, saw its stake in VMC slashed to 14.7 percent from 28.3 percent.
VMC remains under rehabilitation since it went belly up in 1995.