LMG Chemicals Corporation (LMG) is one of the significant Philippine industrial chemical companies. It is owned by the Chemical Industries of the Philippines, Inc. (CIP) with a super-majority of 73.93 % equity. Most of the other shares are owned by 3G Holdings Corporation at almost 25.86 %. The rest of the other shareholders owns less than 0.21 %.
On 23 October 2007, the Board of Directors of LMG Chemicals Corp. (LMG) approved a resolution for the transfer of its properties as follows:
The purpose of the transfer is to consolidate the acid plant and tank farm operations into individual holding companies for better management and monitoring of operations.
Both Chemphil Marketing Corp. and LMG Land Development Corp. are wholly-owned subsidiaries of LMG.
During the transfer, the Chemphil Marketing Corp. also filed an application with Securities and Exchange Commission (SEC) a request to change the corporate name of Chemphil Marketing Corp. to Chemphil Manufacturing Corp.
On 08 February 2008, the SEC approved and granted the request of Chemphil Marketing Corp. and thus, its new corporate name is now Chemphil Manufacturing Corp. (CMC).
Additionally, on 15 August 2008, LMG and LMG Land Development Corp. (LMG Landco) together with Chemical Industries of the Philippines, Inc. (CIP), the holding company of the Chemphil Group and its affiliates including LMG, CMC and LMG Landco, entered into a Shares and Asset Purchase Agreement with Chemoil Fuel Philippines, Inc. and Chemoil Energy Philippines, Inc. to sell and transfer the entire LMG shares in LMG Landco and to sell the property owned by CIP in Pinamucan, Batangas to Chemoil Fuel Philippines and Chemoil Energy Philippines, Inc., respectively.
Hence, at this time, LMG is a holding company which owns 100 % of CMC 100 % and 60 % of Kemwater Phils. Corp. (KPC).
LMG Chemicals Corp. By Laws
Corporate Governance Manual
SEC Form 17-A (2016)
Last Update : 28 November 2013