Ramon Ang acquires 25.68% stake in Lopez Inc.
Business tycoon Ramon Ang has bought a 25.68% stake in Lopez Inc. from Eugenio "Gabby" Lopez III's branch, Crème Investment Corporation.
According to a statement on Aug. 10, the San Miguel Corporation Chairman and CEO made the purchase "in his personal capacity" through his wholly owned holding company, Ilumina Investments Holdings Inc.
News of the sale also comes a day after the First Philippine Holdings Corporation told the stock exchange about the immediate resignation of one of its directors, Roberta Lopez-Feliciano, on Aug. 9. A disclosure stated that she was stepping down from the board of directors due to the sale of Crème Investment Corporation's shares in Lopez Inc.
The sale comes amid a months-long family dispute amongst the Lopezes. In a statement, Gabby explained that he sold the stake for two reasons.
"The first is my family. 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 second is that it allows me to channel our family's resources into businesses aligned with our personal mission."
Gabby added that his family has known Ang for a "long time."
"I am confident he will be a good partner to Lopez Inc."
Meanwhile, Ang said that he is a "friend" to the Lopez family and intends to "stay that way."
"I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it," he continued.
The SMC Chairman added that the family branches that hold the controlling majority of Lopez Inc. will continue to lead it. "My interest is that the group comes out of this stronger."
Lopez Inc. president Federico "Piki" Lopez welcomed Ang's entry to the company.
"We recognize the value that Ramon brings to LI with his proven expertise and extensive experience. The Lopez family's entry into this partnership with him is a truly welcome development and in line with our history of partnering with recognized individuals and institutions to promote the growth of our businesses," Piki said in a statement.
"It's a great step toward resolving issues that have affected our family as well as our businesses and can only be good for everyone."
Lopez family dispute
The dispute amongst the Lopezes began when Piki sued his cousins, Gabby, Miguel Ernesto Lopez, Martin Lopez, and Maria Eugenia Brown, following his removal as president of Lopez Inc.
Piki filed a complaint in March before the Mandaluyong Regional Trial Court claiming that he was illegally ousted on Feb. 27.
According to reports, Piki was removed supposedly due to his refusal to use reserve funds amounting to P2 billion as fresh capital for ABS-CBN. Piki and his brother Benjamin, who is also a member of the Lopez Inc. board, allegedly voted against this, as they believed the media company had "unresolved audit findings."
ABS-CBN has since denied the claim.
Other reports stated that the rift formed following First Gen's sale of a 60% stake in its natural gas business to Enrique Razon Jr.'s Prime Infrastructure in 2025 for P50 billion.
A court order has since blocked the ouster and allowed Piki to stay as president.
Lopez Inc. is a private holding and investment entity with majority or controlling stakes in ABS-CBN Holdings Corp. and First Philippine Holdings through Lopez Holdings.
