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Bilyonaryo - Business

Alfonso Huang-led Maxwealth Infinity Holdings acquires LMG as major shareholders exit

June 7, 2023

Bilyonaryo.com

Alfonso Huang-led Maxwealth Infinity Holdings acquires LMG as major shareholders exit - Bilyonaryo Business News — #image_title

Major shareholders of LMG Corp. have sold their shares to Maxwealth Infinity Holdings Corp. for a total amount of P402 million.

According to a regulatory filing by LMG, principal shareholders Ann Marrieta Sytin, Robinson Siao, and Value Quest Securities Corp., acting on behalf of Rommel Sytin, Eduardo Yap, and Brandon Derick Sy, divested their combined 67 percent stake in the company, which accounts for 29.675 million LMG shares, at a price of P3.10 each.

Maxwealth, led by Alfonso Huang, who also serves as the Honorary Consul of Guinea-Bissau to the Philippines, boasts interests in diverse financial and information technology enterprises.

It intends to make a tender offer for the remaining shares held by LMG shareholders, with the deal anticipated to be finalized within the next 60 days.

LMG said the principal shareholders “decided to sell their shares in the corporation to pursue different business goals that do not align with the objectives of a publicly listed company.”

Maxwealth operates a holding company with a primary focus on acquiring, holding, selling, exchanging and investing in various government securities, stocks, bonds and real estate.

As part of its strategic portfolio diversification, Maxwealth plans to venture into the construction industry and the hospitality sector, encompassing resorts, hotels, and restaurants.

Through its diversified investments, Maxwealth aims to bolster LMG’s portfolio and enhance its overall business profile while maintaining its status as a holding and investment company.

Related News Tags: Alfonso Huang, LMG Corp., Maxwealth Infinity Holdings Corp.

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