The board of Chemical Industries of the Philippines Inc (Chemphil) has given a nod to a plan to offload the company's entire holding in LMG Chemicals Corp. The said stake will be sold to a third party, according to Interaksyon.

Based on a Philippine Stock Exchange disclosure, Chemphil would sell its 69.92% interest in LMG to business tycoon Norman Ng, who is represented by Asian Alliance Investment Corp. The transaction was supposed to be cleared in December, but Chemphil opted to spend more time evaluating the investor's proposal, the report detailed.

LMG has been involved in trading industrial chemicals since 2010. In 2007, the chemical manufacturing firm went through a major change in its corporate structure, the report said.

The Chemphil group markets its products mainly manufacturers of detergent, car battery, and beverage. Companies in the food, paper, ceramics, water concessionaires, and consumer market industries are also among Chemphil's clients, Interaksyon reported.