Singapore’s sovereign wealth fund GIC Pte is considering selling its stake in the Philippines’ Emperador Inc., the world’s biggest brandy manufacturer and owner of scotch brands including Jura and The Dalmore, according to people with knowledge of the matter.
(Bloomberg) — Singapore’s sovereign wealth fund GIC Pte is considering selling its stake in the Philippines’ Emperador Inc., the world’s biggest brandy manufacturer and owner of scotch brands including Jura and The Dalmore, according to people with knowledge of the matter.
The state-owned firm has had talks with financial advisers about the possibility of an eventual divestment, said the people, asking not to be identified as the process is private. GIC hasn’t decided whether to pursue a sale and a deal isn’t imminent, some of the people said.
GIC owns about 12% of Manila-based Emperador via its private equity arm Arran Investment Pte, the people said. Based on the brandy maker’s current market value, the stake is worth S$950 million ($697 million).
Deliberations are ongoing and the city-state’s sovereign wealth fund could still hold onto the stake in Emperador, the people said. Representatives for GIC and Emperador declined to comment.
GIC originally invested in Emperador via Arran in 2014, according to a stock exchange filing at the time. In July 2022, Emperador became the first Philippine company with its primary stock exchange berth in Manila to begin trading in Singapore via a secondary listing.
Controlled by tycoon Andrew Tan’s Alliance Global Group Inc., Emperador’s distilled spirits and other alcoholic beverages are available in about 55 countries across Asia, Europe, North America and South America and in around 300 airport retail stores worldwide, according to Alliance Global’s website. The company acquired scotch whisky producer Whyte & Mackay in 2014 and Spanish brandy maker Bodegas Fundador the following year.
–With assistance from Cliff Venzon.
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