LMG Chemicals said in a disclosure to the stock exchange principal shareholder Chempil signed a share purchase agreement with Sytin and and Robinsion Siao on Oct. 20. Following the disclosure, PSE suspended the trading of LMG Chemical for one hour from 9 a.m. to 10 a.m. to allow investors sufficient time to digest the information. Share price of LMG Chemical fell 8.6 percent to P4.68 Monday. This is not the first time that Chempil entered into an agreement to sell its majority stake in LMG Chemicals. Chempilin in May also agreed to sell its entire stake in LMG Chemicals to Newmanholdings Inc.Newmanholdings, however, later withdrew the tender offer.

Source: The Standard October 23, 2017 11:15 UTC