The investment gives Ang exposure to a formidable portfolio spanning power, property and media, including First Philippine Holdings, First Gen, Rockwell Land and media giant ABS-CBN Corp.
The stake is being sold by Crème Investment Corp., representing the family branch of former ABS-CBN chair Eugenio “Gabby” Lopez III, marking one of the biggest ownership changes at the Lopez Group in years.
Ang said in a text message to InsiderPH he is buying the shares of the Gabby Lopez branch.
Limited to Gabby Lopez stake
The deal appears limited to just the shares held by Crème Investment for now. Asked if he was in talks to buy out other family members, he said “not for sale”.
The price and other terms of the deal have yet to be disclosed.
Ang is the chair and CEO of San Miguel Corp., the country’s largest conglomerate by revenues and the parent firm behind some of its most well-known brands such as San Miguel beer, Ginebra and Petron.
It’s also involved in power generation, infrastructure and airport development and operations, including that of the Ninoy Aquino International Airport and the ongoing Bulacan airport.
Valuable Lopez assets
Lopez Inc. also sits above valuable energy assets such as Energy Development Corp. and First Gen’s natural gas portfolio, while the family retains a nearly 4 percent interest in Manila Electric Co.
The transaction, first reported by Bilyonaryo, brings together two of the country’s most prominent business groups, with Ang already controlling a vast portfolio through San Miguel Corp. spanning infrastructure, energy, food and beverage.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
