Andresons Group raises stake in Emperador – BusinessWorld Online
THE ANDRESONS GROUP, Inc. has increased its stake in listed brandy and whisky maker Emperador, Inc. after acquiring P160 million worth of shares.
In a regulatory filing on Monday, Emperador said the Andresons Group, an affiliate of the company, purchased 10 million Emperador shares at P16 apiece on June 20.
Following the transaction, the Andresons Group now holds a 0.86% stake in Emperador, equivalent to 135 million shares. Both companies are controlled by tycoon Andrew L. Tan.
In May, the Andresons Group acquired 125 million Emperador shares through five separate transactions.
This year, Emperador has allocated P4 billion in capital expenditures, mainly for the ongoing expansion of its Dalmore distillery in Scotland, which is scheduled for completion in the second half.
The company is also doubling the size of its whisky maturation complex at the Invergordon distillery to 92 hectares from 45.4 hectares. The expansion will enable the facility to store an additional 1.5 million casks of maturing whisky.
For the first quarter, Emperador’s attributable net income rose by 6.5% to P1.85 billion, as revenues and other income increased by 0.6% to P13.21 billion.
On Monday, Emperador shares fell by 1.52% or 24 centavos to close at P15.50 apiece. — Revin Mikhael D. Ochave