Sulfur Acid Industry

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.