LISTED Chemical Industries of the Philippines (Chemphil) is selling its 65.92 percent stake in LMG Chemicals Corp. to an industrial auctioneer for P405 million. Sytin is the founder and chief executive officer of United Auctioneers, Inc., a renowned auctioneer of various industrial, transport, and construction machines. Last September, private holding firm Newmanholdings, Inc. withdrew its plan to acquire a 65.89-percent stake in LMG Chemicals, citing “unforeseen” events beyond the control of the parties. In May this year, Chemphil had agreed to sell its 66 percent stake in LMG to Newmanholdings for P379.03 million or at P2.97 per share. LMG is a listed firm that manufactures and distributes industrial chemicals such as caustic soda and sulfur, among others.

Source: Manila Times October 23, 2017 17:26 UTC