Asian Alcohol is 95-percent owned by LT Group subsidiary Tanduay Distillers. It was sold to Prior Holdings Corp., whose directors include LT Group president Lucio Tan III.
Asian Alcohol, established in 1973, produces refined and/or denatured alcohol, which is used in beverages and industrial chemicals.
The firm ceased operations in late 2022 “to stop incurring further losses due to high operating costs”, the company's recent financial report showed.
LT Group was close to selling Asian Alcohol to Victorias Milling that same year for P2.21 billion but this was mutually called off.
The family purchased Asian Alcohol about two decades ago when it paid P814.83 million for the company.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
