Metro Manila, Philippines – Tycoon Ramon Ang has bought a 25.68% stake in Lopez Inc., according to a disclosure of diversified conglomerate San Miguel Corporation’s (SMC) on Monday, Aug. 10.
According to the disclosure, Ang – president and chief executive officer of SMC – personally acquired 25.68% of the Lopez Inc. shares held by Crème Investment Corporation via Illumina Investment Holdings, Inc., which Ang personally owns.
Ang executed a deed of assignment with the members of the family of Eugenio Gabriel “Gabby’ Lope III for the share purchase. It did not reveal the financial details of the acquisition.
Lopez Inc. is the parent company of ABS-CBN Corporation.
The acquisition was done upon the invitation of the Lopez family, said the disclosure, marking a major development in a long-winded family feud over control of the parent firm.
In a clarification to the Securities and Exchange Commission, the media giant said it was not party to the transaction.
“Given that the transaction is at the Lopez Inc. level, the Company does not foresee any impact on its business, financial condition, operations, or ownership structure as a result of this transaction,” ABS-CBN said on Monday.
First Philippine Holding Corporation (FPH) director Roberta L. Feliciano tendered her resignation from the board of directors on Sunday, Aug. 9.
The FPH, which is controlled by Lopez Inc., announced her resignation on Monday. Feliciano cited as reason for her exit the sale of Crème Investment shares in Lopez Inc.
