Tycoon Dr. Andrew Tan has bought another ₱333-million worth of shares of Emperador Inc. from the market, bringing his two-day purchase total to ₱666 million. The move aims to reduce the company’s public float and bring it closer to the 20-percent minimum public ownership requirement.

In a disclosure to the Philippine Stock Exchange (PSE), Emperador said its affiliate, The Andresons Group, bought 25 million Emperador shares at ₱13.32 apiece on May 20, 2025. The shares represent 0.16 percent of Emperador’s outstanding shares.

Combined with a similar purchase on May 19, The Andresons Group now owns 50 million Emperador shares, equivalent to a 0.32-percent stake in the company.

“Based on our calculations, this will reduce public ownership to 20.99 percent from 21.12 percent... If the affiliate continues to buy 195 million more shares, Emperador’s float will fall to 19.998 percent and it will be kicked out of the index,” said Abacus Securities Corp. in reaction to the May 19 purchase.

With the additional purchase on May 20, Emperador’s public float has now declined to 20.8 percent and will be non-compliant with the public float requirement if 170 million more shares are taken off the market.

Chinabank Capital Corp. Managing Director Juan Paolo Colet said, “Our calculations show they would still be compliant, though very close to the threshold.”

He noted that the purchase of more Emperador shares “signifies Andrew Tan’s strong conviction in the business prospects of Emperador and perhaps a view that there is potentially significant upside from his acquisition price.”

After recent declines in earnings, Emperador ended the first quarter of 2025 on a high note, with net income improving by 6.5 percent to ₱1.85 billion as it ramps up its global expansion over the next five years.

The firm said it is further accelerating its international growth, expanding its vineyard portfolio in Spain with an additional 470 hectares (ha) of farmland, while also strengthening its presence in Mexico and doubling its distillery footprint in Scotland.

The global liquor giant sees its expansion continuing in the next five years, paving the way for significant growth in the near future.

Emperador President and Chief Executive Officer (CEO) Winston Co said, “Our ongoing expansions in the United Kingdom (UK), Spain, and Mexico are testaments to our unwavering resolve to pursue our global aspirations.”

In Spain, Emperador’s vineyard farmland expansion is expected to dramatically boost its grape farming capacity, which currently stands at about 17 million kilos per annum.

Led by market leader Terry Centenario Brandy, Emperador recorded a seven-percent growth in volume and a 10.8-percent growth in value for the first quarter of the year, based on consumer consumption data.

“These numbers are especially encouraging considering the current status of the spirits market in Spain, which went down by about 6.3 percent,” the company said.

Meanwhile, in Mexico, a recent acquisition through subsidiary Casa Pedro Domecq has deepened Emperador’s foothold in the country’s liquor space. Emperador expects newly acquired mezcal brands Los Danzantes and Alipus to be available this year in the Philippines.

Owned by the recently acquired Mexican firm Destileria Los Danzantes, both brands were touted as among the top 10 best-selling and top 10 trending mezcal brands by industry surveys in recent years.

Destileria Los Danzantes is at the forefront of the highly aspirational and artisanal mezcal segment, which expanded by six percent per year as a category from 2017 to 2022 and is expected to continue growing in the next few years.

In the UK, the expansion of The Dalmore distillery in Alness, Scotland, continues and is expected to double the brand’s production capacity while also providing a new visitor experience.

The company is currently expanding its whisky maturation complex at its Invergordon distillery, doubling its footprint from 45.4 ha to 92 ha. This extension will enable the grain distillery to house an additional 1.5 million casks of maturing whisky.

Additionally, the grand expansion of Emperador’s wholly owned subsidiary Whyte & Mackay in the UK continues to contribute significantly to the company’s goal of meeting greater global demand for single malt whiskies.