MVP sells VMC shares

The First Pacific group led by businessman Manuel V. Pangilinan is unloading its investment in sugar firm Victorias Milling Corp.

Based on a disclosure to the Philippine Stock Exchange on Tuesday, the board of VMC agreed to acquire about 365 million of its own shares at P5 each or for a total bloc price of P1.8 billion.

The following entities agreed to sell their shares: First Agri Holdings Corp., Hargate Investments Ltd. and Nestar Investments Ltd. Industry sources said these are all affiliated with the First Pacific group.

The bloc is equivalent to around 17.4 percent of listed shares and about 12.5 percent of outstanding shares.

VMC went into a voluntary trading halt at the Philippine Stock Exchange on Monday, noting that the “depending on the outcome of the board meeting, a material announcement may or may not be made.”

This means that all other existing shareholders of VMC, including the Lucio Tan group of companies, will raise their interest in VMC.