LT Group buys 45% of sister firm AEDC
The listed investment arm of taipan Lucio Tan is venturing into infrastructure development with the acquisition of a 45 percent stake Asia?s Emerging Dragon Corp.
In a filing with the stock exchange, LT Group Inc. said it purchased nine million shares of AEDC at P100 each for a total consideration of P900 million. LT Group indirectly owns AEDC through Kenrock Holdings.
AEDC, which is engaged in infrastructure development, is part of a consortium that seeks to redevelop the aging NInoy Aquino International Airport.
“LTG deems it necessary to support AEDC in its bid to take part in the development of the airport by infusing additional capital,? the holding firm said.
Under the deal, the initial payment for the subscription of the shares shall be 25 percent of total purchase price or P225 million.