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The Keepers to acquire 50% stake in Alfonso maker

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PHOTO FROM THEKEEPERS.COM.PH

THE Keepers Holdings, Inc. is acquiring up to 50% of the total shareholdings of Alfonso brandy producer Bodegas Williams & Humbert, SA.

In a disclosure on Tuesday, The Keepers said that its board of directors approved the plan to buy half of the Spain-based winery firm’s shares on Aug. 26.

It has appointed Isla Lipana & Co. “to render fairness opinion on the intended transaction.”

“No pricing and details have been approved yet, pending the release of Isla Lipana’s fairness opinion,” the company said in a press release.

The company further said that it would disclose more information about the transaction in due course.

Bodegas Williams & Humbert has over 140 years of history in producing alcoholic beverages. It is the producer of the Alfonso brand, which The Keepers said accounts for 60% of its revenues.

In the second quarter, The Keepers’ net income after tax rose to P648.24 million, a 43.7% increase from the P451-million profit recorded in the same period last year.

The company’s top line in the second quarter increased by 30.2% to P3.31 billion from the P2.54-billion net sales recorded a year ago.

Year to date, the company’s net income climbed to P980.75 million, 39.5% higher than last year’s P702.81 million.

Its net sales in the first semester increased to P5.48 billion, 27.4% higher than the previous year’s P4.3 billion.

Its brandy category, driven by The Keepers’s flagship brand, Alfonso, recorded a 17.1% increase in sales volume in the first half to 1.57 million cases sold from 1.34 million cases last year.

The wholly owned subsidiaries of Keepers are Montosco, Inc., Meritus Prime Distributions, Inc., and Premier Wine and Spirits, Inc.

The Keepers is a subsidiary of Cosco Capital, Inc., the holding company of businessman Lucio L. Co who has business interests in retail, real estate, wine and liquor, and oil and minerals.

Cosco’s subsidiaries include Puregold Price Club, Inc.; Kareila Management Corp.; Office Warehouse, Inc.; Ellimac Prime Holdings, Inc.; and Alcorn Petroleum and Minerals Corp.

On the stock exchange on Tuesday, shares in Keepers Holdings rose by 3.25% or P0.04 to P1.27 apiece. — Justine Irish D. Tabile