Businessman Ramon S. Ang has purchased a 25.68% interest in Lopez Inc., the Lopez family’s principal holding company, acquiring the shares previously owned by former ABS-CBN Corporation Chairman Emeritus Eugenio “Gabby” Lopez III.
The transaction, one of the notable shifts in the country’s corporate landscape in recent years, was completed through Crème Investment Corporation, the investment vehicle representing Gabby Lopez’s branch of the family.
Ang confirmed the acquisition in a mobile message, describing the purchase as “Gabby’s shares.” He said the transaction was made in his personal capacity through his wholly owned holding firm and was not undertaken through his broader San Miguel business interests.
The investment gives Ang a personal stake in a diversified portfolio with interests in energy, property and media. Lopez Inc. maintains controlling positions in publicly listed companies such as energy producer First Gen Corporation, property developer Rockwell Land Corp. and broadcast company ABS-CBN Corporation.
Ang is the chairman and chief executive officer of San Miguel Corporation, whose businesses already include major interests in power generation through SMC Global Power Holdings Corp. and property development through San Miguel Properties Inc., in addition to its infrastructure, beverage and food businesses.
In announcing the completed transaction, Lopez pointed to family considerations and plans to redirect resources toward other business ventures as the primary reasons for selling his stake.
“The first is my family,” Lopez said. “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.”
He said the sale would also provide his family branch with the opportunity to pursue businesses that better reflect its objectives.
“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. Our families have known Ramon a long time. I am confident he will be a good partner to Lopez, Inc.”
For his part, Ang said his involvement is intended to provide greater stability to Lopez Inc. while allowing the existing leadership arrangements to remain in place.
“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. “I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it. 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.”