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Victoria Milling drops acquisition of Tanduay Distillers’ ethanol unit - BusinessWorld Online

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VICTORIAS Milling Co., Inc. and LT Group, Inc. announced on Tuesday that both parties agreed not to proceed with the sale of Asian Alcohol Corp., a rectified and denatured alcohol firm.

“In view of recent global as well as local economic and political events affecting the relevant industries, both parties have mutually agreed not to proceed with the transaction,” the firms said on Tuesday.

“[Tanduay Distillers will] continue to find other beneficial avenues for deriving best value from its investment in Asian Alcohol,” it said. The agreement was signed with two other shareholders — Prior Holding, Inc. and Castelbridge Investment Corp. — and covered 738.33 million common shares of Asian Alcohol.

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