LMG Corp. said Maxwealth Infinity Holdings Corp. is buying a 67 percent stake in the company through the acquisition of shares held by existing shareholders.
The listed chemicals trading firm said the shares bought are owned by shareholders Ann Marrieta Sytin, RobinsonSiao and Value Quest Securities Corp. on behalf of Rommel Sytin, Eduardo Yap, and Brandon Derick Sy.
Maxwelth Infinity, owned by Alfonso Huang, is buying the stakes for P402 million.
“The sellers decided to sell their shares in the corporation to pursue different business goals, which are not aligned with the objectives of a publicly listed company,” LMG said.
LMG said Maxwealth has interests in various financial and information technology companies.
Maxwealth’s website showed no information about its business in the country.
