The billionaire acquired the shares held by Crème Investment Corp., the vehicle of Eugenio “Gabby” Lopez III’s branch of the family, while the remaining Lopez branches retain control.
“I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it,” Ang said in a statement on Monday.
Friend to all sides
Ang pointed to his longstanding ties with the Lopez family as he explained his decision to invest amid a family dispute.
“I have known the Lopez family for decades. Not one branch of it, but all of them. I am a friend to each, and I intend to stay that way,” Ang said.
“The family branches that continue to hold the controlling majority of Lopez, Inc., will continue to lead it. My interest is that the group comes out of this stronger,” he added.
Multibillion peso listed footprint
The group’s listed companies include First Gen Corp., valued at about P69 billion, First Philippine Holdings Corp. at P38 billion, Lopez Holdings Corp. at P27.1 billion, Rockwell Land Corp. at P17.7 billion and ABS-CBN Corp. at P3.1 billion.
Their market values total about P155 billion, although there is some overlap because companies within the group own shares in one another.
On top of this, First Philippine Holdings owns about 4 percent of Manila Electric Co. (Meralco), a stake worth roughly P22 billion.
Ang’s personal investment
In a regularly filing on Monday, San Miguel Corp. said Ang made the investment in his personal capacity through wholly owned Illumina Investment Holdings Inc. after an invitation from Gabby Lopez’s family.
Ang, the chair and CEO of SMC, is set to brief the conglomerate's board on the transaction on Aug. 13.
With the other Lopez family branches retaining control, the transaction does not trigger a tender offer for the group’s listed companies.
Family dispute
The deal follows a family rift that erupted publicly in February 2026 when a majority of the Lopez, Inc. board moved to remove Federico “Piki” Lopez as president and CEO, triggering a court battle.
“This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace,” Gabby Lopez said while explaining the sale to Ang.
“The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time,” he added.
“Our families have known Ramon a long time. I am confident he will be a good partner to Lopez, Inc.,” he said.
—Edited by Miguel R. Camus
