October 5, 2006

Investment firm buys into major Philippines dairy

Investment firm Jadestone Investments LLC has bought 18 percent of Alaska Milk Corp (AMC) for US$5 million.

AMC is a Philippines dairy which started manufacturing milk products in the country in 1972. For over 30 years it is one of only two major players in Philippines' milk market. The company is a leader in the market for liquid canned milk and holds a strong and growing position in powdered milk. It has also expanded into higher value-added milk products, particularly in UHT/Ready-to-Drink milk category.

With the purchase, Jadestone has become the biggest shareholder of the company, with 49.99 percent from a previous 31.9 percent.

The sale, for some 170.84 million shares, were bought from SCM Bond Holdings.

SCM was a major stockholder in the milk producer and the sale was completed on Monday, reports said.

The Uytengsu family, one of the richest families in the Philippines, owns both SCM Bond and Jadestone Investments.

Mr. Wilfred Uytengsu, Sr. is the Chairman and Chief Executive Officer of AMC and Mr. Wilfred Steven Uytengsu, Jr. is the President and Chief Operating Officer.