^

Business

Emperador moves closer to going public

Neil Jerome C. Morales - The Philippine Star

MANILA, Philippines - Emperador Distillers Inc., the liquor unit of consumer-focused conglomerate Alliance Global Group Inc. (AGI), has moved a step closer to going public through backdoor listing.

In a regulatory filing, listing vehicle Touch Solutions Inc. (TSI) said it already secured regulatory approval for several measures in line with its transformation.

Specifically, the Securities and Exchange Commission approved TSI’s plan to increase its authorized capital stock to P20 billion shares divided into 20 billion shares at P1 apiece from the previous P100 million.

Late last month, AGI and other investors agreed to subscribe to 15 billion new TSI shares at par value. The shares will come from the proposed increase in the authorized capital stock of TSI.

Corporate regulators also approved the change in name of TSI to TrillionStars Holdings Inc. Given the entry of AGI, the company will be renamed to Emperador Inc.

“As part of the transaction, AGI will transfer, and TSI will receive, shares of Emperador Distillers,” the conglomerate earlier said.

Emperador Distillers will become the fifth listed firm of property tycoon Andrew L. Tan. Investment holding firm AGI and property developers Megaworld Corp., Suntrust Home Developers Inc. and Empire East Land Holdings Inc. are already public firms.

Early last month, Emperador Distillers committed to invest P5.8 billion in Spain as part of its plan to become a significant global brand. It earlier acquired 100 percent of Spanish brandy maker Bodega San Bruno, including the San Bruno trademark that has been registered since 1942.

For the next phase of Emperador Distillers’ investment in Spain, the brandy maker will acquire more vineyards and other brandy production facilities, which include distilling and bottling plants.

Emperador Distillers targets to double its sales volume in the next five years as it intends to corner a third of the global brandy market. The liquor maker sold 31 million cases of brandy last year.

TSI, for its part, was previously controlled by Shiok Success International Ltd., a wholly-owned company of Singapore-based Capilion Corp. Pte. Ltd. that planned to manage and operate its Philippine businesses through TSI.

vuukle comment

ALLIANCE GLOBAL GROUP INC

ANDREW L

BODEGA SAN BRUNO

CAPILION CORP

EMPERADOR

EMPERADOR DISTILLERS

EMPERADOR DISTILLERS INC

EMPERADOR INC

EMPIRE EAST LAND HOLDINGS INC

HOLDINGS INC

TSI

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with