AGI acquires Touch for backdoor listing of Emperador
MANILA, Philippines - Andrew Tan's Alliance Global Group Inc. bought Touch Solutions, as a vehicle for the backdoor listing of its liquor unit Emperador Distillers Inc.
In a disclosure to the stock exchange, AGI said the company and other investors have agreed to subscribe to up to 15 billion shares in Touch Solutions at par value, to be issued out of the proposed increase in the latter's authorized capital stock.
"As part of the transaction, Alliance Global will transfer, and TSI will receive, shares of Emperador Distillers," AGI said.
In a separate disclosure, Touch Solutions confirmed the transaction. It added that its board of directors have resigned, paving the way for the entry of Tan's new management team.
Tan was elected chairman, while Winston Co was elected president of Touch Solutions.
The PSE considered the transaction a form of backdoor listing, and suspended trading of the Touch Solutions' shares on Thursday morning.