04 August 2000 08:53 [Source: ICIS news]
MANILA (CNI)--Bank of the Philippine Islands (BPI) has sold its 22.7% shareholding in Mabuhay Vinyl Corp to Tosoh Corp of Japan, CNI was told on Friday. The sale was completed on 3 August. Financial details are proprietary.
Mabuhay operates a complex in Iligan, on the southern island of Mindanao, producing 15 600 tonne/year caustic soda, 16 000 tonne/year hydrochloric acid, 6000 tonne/year liquid chlorine, 20 000 tonne/year sodium hypochlorite, and 20 600 tonne/year polyvinyl chloride (PVC).
Its main customer - accounting for about 74% of its revenues in 1999 - is Philippine Resins Industries Inc (PRI). A BPI spokesman said his bank and Mabuhay Vinyl remain shareholders of PRI, which operates a PVC plant in Bataan province, east of Manila.
PRI is a joint venture between Tosoh (20%), Mitsubishi Corp (20%), BPI (11%) and Mabuhay Vinyl Corp (49%). It is debottlenecking its 70 000 tonne/year plant to 90 000 tonne/year by end-2000 and adding a second, 70 000 tonne/year production line by mid-2002.
CNI was told by BPI sources that the bank's management decided on the divestment to streamline its chemicals portfolio. Moreover, with a bigger hand for Tosoh - a regional PVC major - in Mabuhay, that company would get better long-term strategic direction for its growth.
(Maryanne Tan in Singapore contributed to this information.)
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