Andrew Tan’s Emperador stock steady amid Singapore wealth fund’s plan to divest its $697 million stake in brandy and scotch maker

Emperador Inc. (EMI) of ultra bilyonaryo Andrew Tan has so far held firm amid reports that one of its biggest shareholders is planning to get out of one of the world’s largest liquor firms.

EMI barely unchanged at P20.85 a day after Bloomberg reported that Singapore Sovereign wealth fund GIC Pte is in talks with financial advisers for a possible divestment.

Bloomberg’s report emphasized that GIC has yet to make a final decision on pursuing a sale, and any potential deal is not on the immediate horizon.

GIC bought an initial 9.64 percent stake in EMI for $391 million in 2014. That stake has increased to 12 percent and is currently valued at $697 million.

EMI is now trading in Singapore alongside its primary listing in Manila.

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