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Philippines : CHEMPHIL clears legal hurdles in sale of stake in LMG CHEMICALS CORP.

Chemical Industries of the Philippines (Chemphil) has overcome legal hurdles concerned with the sale of its stake in LMG Chemicals Corp.

In a filing with the Philippine Stock Exchange, Chemphil said the Makati Regional Trial Court - Branch 149 rejected the application for an interim restraining order or preliminary junction requested by RG Holdings Corp and director Ramon M. Garcia.

RG Holdings and Garcia requested legal intervention in February to stop Chemphil's divestment of its 69.92 percent interest in LMG to entrepreneur Norman Ng and bar the third-party investor from making a tender offer.

Chemphil's board of directors agreed to sell all of its stake in LMG to Ng in January.

However, the board granted the approval with the condition that there should be no tax effect on the part of the company.

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Publication:Mena Report
Date:Mar 26, 2014
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