Michael Tan loads up on LT Group shares
LT Group Inc. said its president Michael G. Tan acquired P3.04 million in shares worth of shares.
In a regulatory filing, LTG said Tan purchased an additional 233,000 shares at P13 each on Oct. 11. This increased his shareholding in the listed holding firm of bilyonaryo Lucio Tan to 234,100.
LTG rose 1.9 percent Tuesday to P13.76 each share after investors cheered on reports that some lawmakers have vowed to block any proposal that seeks to raise excise tax on tobacco in 2019.
Lawmakers said increasing the price of cigarettes through higher taxes would kill the industry and affect the livelihood of tobacco farmers.