Metro Manila (CNN Philippines, October 24) — San Miguel Corp. (SMC) President and CEO Ramon Ang has been elected as a board member of Manny Pangilinan’s Metro Pacific Investments Corp. (MPIC).
In a regulatory filing dated Oct. 23, the SMC said Ang was elected as a member of MPIC’s Board of Directors during their Oct. 17 meeting.
The diversified conglomerate also said Ang made an indirect investment in MPIC in “his personal capacity and on the invitation of Mr. Manuel V. Pangilinan.”
But SMC said it has not yet made any investment in Pangilinan’s investment holding company.
“To date, there have been no developments relating to the Nasugbu Bauan and the Cavite Batangas Expressway Projects of MPIC and the SMC Infrastructure Group,” the filing read, adding that the corporation will make disclosures once there are developments in the tollway projects.
SMC made the filing as a media report cited several sources saying that Ang would buy an equity stake in MPIC and his entry is reportedly a prelude to the eventual merger of the two groups’ toll road businesses.
The Metro Pacific Tollways Corp. operates the North Luzon Expressway, NLEX Connector, Subic-Clark-Tarlac Expressway, Manila-Cavite Expressway, Cavite–Laguna Expressway, and the Cebu-Cordova Link Expressway.
SMC Tollways runs the Skyway, Ninoy Aquino International Airport Expressway, South Luzon Expressway, Southern Tagalog Arterial Road, and the Tarlac-Pangasinan-La Union Expressway.
