Regions

LT Group Inc (LTG) has doubled its interest in sugar refinery Victorias Milling Company Inc (VMC). The financial terms of the stake buy were not disclosed, according to Rappler.

Based on a regulatory filing, LTG has increased its VMC stake from 7.4% to 14.8%. The move comes after LTG competitor First Pacific was reported to be planning to buy Metrobank's 7% holding in the sugar mill, the report explained.

VMC is a company that produces integrated raw and refined sugar. Its factory is currently located in Victorias City, Negros Occidental. At present, the firm is undergoing a 15-year rehabilitation program to decrease its debt. It is also improving its facilities to gear up for a tighter competition in the sugar industry in 2015, the report detailed.

LTG, which is led by Philippine tycoon Lucio Tan, is a company involved in the tobacco, distilled spirits, and property development businesses. Tanduay Distillers Inc, Philip Morris Philippines Manufacturing Inc, and Eton Properties Philippines Inc are among LTG's subsidiaries, Rappler reported.