Zobel sold 199.6 million Top Frontier shares to IZ Investments Holdings Inc. through a special block sale on the Philippine Stock Exchange, a regulatory disclosure showed.
The shares changed hands at P53 apiece, valuing the transaction at P10.58 billion and making it by far the biggest special block sale recorded on the exchange that day.
Top Frontier did not disclose a reason for the transfer.
A market observer said there could be several reasons for placing such a large personal shareholding under a company, including simplifying how the investment is managed and longer-term estate and succession planning.
Virtually entire stake moved
The transaction covered practically all of Zobel’s personally held shares in Top Frontier.
As of June 30, Zobel owned 199,601,517 shares, equivalent to 52.82 percent of the listed holding company.
The transfer of 199,599,900 shares therefore leaves just 1,617 shares directly under his name.
San Miguel parent company
Top Frontier is the listed parent company of San Miguel, one of the Philippines’ biggest conglomerates, with businesses spanning food and beverages, power, fuel, toll roads, airports and banking.
—Edited by Miguel R. Camus
