Majority shareholders of LMG Corp. agreed to sell their controlling stake in the company to financial technology firm Maxwealth Infinity Holdings Corp. for P402 million.
LMG said in a disclosure to the stock exchange Wednesday principal shareholders Ann Marrieta Sytin, Robinson Siao and Value Quest Securities Corp. signed a share purchase agreement for the sale of their combined 67-percent stake to MIHC headed by businessman Alfonso Huang.
The acquisition price is equivalent to P3.10 per share, a 7.5-percent discount to the stock’s closing price of P3.35 per share on Tuesday. LMG said MIHC would conduct a tender offer to the remaining minority shareholders within the next 60 days.
Established in 2021, MIHC is primarily engaged in various financial and information technology companies. The company ventured in financial technology in 2022.
The group has been working on providing agricultural financial services and an e-wallet project that includes an online payment system. Jenniffer B. Austria