A group associated with Unioil Group of Companies increased its stake in listed Chemical Industries of the Philippines (Chemphil) to 78.06 percent following the completion of the tender offer.
Chemphil said in a disclosure to the stock exchange said 2.171 million common shares representing 21.09 percent of the company’s outstanding shares were tendered to the bidders, namely Lavish Sources Limited, Quantumlink Realty Corp., Citiworld Properties & Development Corp. and Exquadra Inc.
The bidders conducted a tender offer to the minority shareholders of the company after majority shareholders of Chemphil led by businessman Antonio Garcia in November agreed to sell their combined 56.97-percent stake in the company at a price of P177.63 apiece.
The tender offer started on December 16, 2019 and ended January 27, 2020.
LSL after the tender offer will own 39.73 of Chemphil while CPDC, QRC and Exquadra will each hold 12.77 percent.
