Stock Information

LMG | LMG CORP.

Sector: FINANCIALS | Sub-Sector: OTHER FINANCIAL INSTITUTIONS

LMG Corp. (LMG), formerly LMG Chemicals Corporation, was incorporated on April 20, 1970 as industrial chemicals manufacturer and distributor. In October 2007, LMG transferred its acid plant and tank farm properties to wholly-owned subsidiaries, Chemphil Manufacturing Corp. (CMC), formerly Chemphil Marketing Corp., and LMG Land Development Corporation (LMGLDC).

In August 2008, LMG and LMGLDC, together with Chemical Industries of the Philippines (CIP), entered into a shares and asset purchase agreement with Chemoil Fuel Philippines, Inc. (CFPI) and Chemoil Energy Philippines, Inc. (CEPI) to sell and transfer the entire LMG shares in LMGLDC and to sell the property owned by CIP in Pinamucan, Batangas to CFPI and CEPI, respectively.

In October 2009, the Board of LMG declared LMG's investment in shares of CMC and Kemwater Phil. Corp. (KPC) as property dividends. Two months after, a deed of assignment was executed to assign LMG's rights, titles and interest over the shares in CMC and KPC to the stockholders of LMG in proportion to their respective shareholdings.

As a result of the divestments, LMG is now engaged only in the trading of chemical products. Pursuant to a share purchase agreement executed on October 20, 2017 and the completion of the share purchase transaction on December 13, 2017, a group of new investors purchased 65.92% of LMG's outstanding capital stock from CIP.

Source: SEC Form 17-A (2024)