LT Group consolidates ownership in merged PNB-Allied Bank

MANILA, Philippines - LT Group Inc, the holding company for the various businesses of tycoon Lucio Tan, has strengthened anew its foothold on the merged Philippine National Bank-Allied Banking Corp. by acquiring indirect shares in Kenrock Holdings Corp.

In a disclosure to the Philippine Stock Exchange, LT Group said Kenrock, a company holding shares at PNB, has filed an application with the Securities and Exchange Commission (SEC) to increase its authorized capital stock to accommodate the group’s investment.

As this developed, PNB also informed the PSE of its board approval to hold the bank’s annual stockholders meeting on May 29.

The PNB board also approved the appointment of Alberto Bienvenida as president of PNB Capital and Investment Corp.

Bienvenida will retire from PNB on Feb. 28 and is expected to assume his position at PNB Capital on March 1.

LT Group earlier announced that it invested in Multiple Star Holdings Corp., a company which owns 2.02 percent in PNB.

The group also earlier invested in four companies which have combined shares of 7.77 percent at PNB-Allied. These companies are: Merit Holdings & Equities Corp, Ivory Holdings Corp., Leadway Holdings Inc. and Dunmore Development Corp.

The group did not disclose how much investment it will make in each company.

Aside from the four firms, Tan’s group also bought seven companies which have total shares of 22.72 percent in the merged PNB.

The seven firms LT Group bought are: Donfar Management Ltd., Fast Return Enterprises Ltd., Fragile Touch Investments Ltd., Mavelstone International Ltd., Uttermost Success Ltd., True Success Profits Ltd. and Key Landmark Investments Ltd.

The investment and acquisitions the group said, would set in motion the consolidation of the banks in  Tan’s holding firm.

LT Group serves as the umbrella company for Tan’s various businesses including Asia Brewery Inc., Fortune Tobacco Corp., Eton Properties Philippines Inc., Philippine Airlines, Air Philippines Corp. and PNB-Allied.