LT Group president and chief operating officer Michael Tan unloaded P3.57 million worth of shares in the conglomerate chaired by his father Lucio Tan.
LT Group said in a regulatory filing with the Philippine Stock Exchange that Michael Tan on July 3 disposed of 233,000 LT Group common shares at P15.32 apiece. After the sale, the younger Tan will be left with 1,100 LT Group shares.
The share price of LT Group closed lower by 0.50 percent on Monday to P15.80 from last Friday’s close of P15.88.
Michael Tan made the sale on the same day the conglomerate disclosed that the Securities and Exchange Commission approved the proposed amendments to its by-laws, particularly the restoration of the position of vice chairman in its corporate structure.
Under the approved amendments to the company’s by-laws, “the vice chairman of the board of directors shall preside at all meetings of the stockholders and the board of directors in the absence of the chairman”.
Beer the tobacco tycoon Lucio Tan chairs LT Group. The conglomerate, however, has yet to appoint a vice chairman.
LT Group is the listed holding company of Lucio Tan with investments in banking, beverage, sugar milling, tobacco and real estate.
LT Group’s net income jumped 22 percent in the first quarter to P4.42 billion from P3.63 billion a year ago.
The group’s banking unit Philippine National Bank contributed P1.08 billion or 24 percent of the total attributable income while tobacco business accounted for P2.84 billion or 64 percent of the total.
Liquor unit Tanduay Distillers Inc. added P229 million, while property arm Eton Properties Philippines Inc. and beverage subsidiary Asia Brewery Inc. accounted for P148 million and P82 million, respectively. Jenniffer B. Austria
The company’s 30.9-percent stake in Victorias Milling Company Inc. contributed P75 million to the total net income.
LT Group is spending between P16 billion and P17 billion in capital expenditures this year.