Tanduay Distillers, Inc., the liquor and spirits arm of the Lucio Tan Group, said it divested itself of Asian Alcohol Corp., the second largest distillery in the Philippines located in Negros Occidental.
The listed liquor company didn’t disclose how much it sold its 94.74 percent stake in Asian Alcohol to Prior Holdings Corp., a privately-held company of tycoon Lucio Tan.
Tanduay acquired 90 percent of Asian Alcohol for P1.15 billion. That stake was increased in 2007 as Tanduay subscribed to a capital hike.
Asian Alchol has a 10-hectare property in Negros Occidental, where its distillery, aging facilities and modern water treatment plant coverts distillery waste into biogas are located. It has a rated capacity of 210,00 liters of ethyl alcohol daily that are sold to Tanduay, representing 70 percent of the liquor company’s requirements.
Asian Alcohol’s methane gas capture system enables it to use methane generated from distillation as power to fire up the boilers. It is modernizing the facility to double its distilling capacity.
