LT Group infuses more capital into AEDC

LT Group Inc. is infusing additional capital into Asia’s Emerging Dragon Corp. (AEDC), another company owned by taipan Lucio Tan.

The move is in support of AEDC’s bid to take part in the development of the Ninoy Aquino International Airport (NAIA), the country’s main gateway.

In a disclosure, LT Group said it would acquire nine million shares in AEDC at P100 per share or a total of P900 million.

“LTG subscribed to nine million common shares with a par value of P100 per share from the authorized but unissued capital stock of AEDC, ” it said.

The company indirectly owns AEDC through Kenrock Holdings Inc.

LTG owns the majority of the common shares of Kenrock Holdings which, in turn, owns the majority of the common shares of AEDC.

“Since AEDC is involved in infrastructure projects and is part of the proponents to the NAIA project, LTG deems it necessary to support AEDC in its bid to take part in the development of the airport by infusing additional capital,” it said.

The initial payment for the subscription shares shall be 25 percent of the total subscription price or P225 million.

AEDC is part of the super consortium of seven conglomerates that is seeking to redevelop the NAIA and which was granted the original proponent status for its proposal.

The consortium will pour in P102 billion to rehabilitate and operate NAIA for 15 years.