Eduardo Cojuangco Jr.
Eduardo Cojuangco Jr. – Image source: Internet

MANILA — Industrialist Eduardo “Danding” Cojuangco Jr. sold his 11 percent shareholdings in San Miguel Corp. (SMC) to Ramon S. Ang, the company’s president and chief operating officer, through a cross sale at the Philippine Stock Exchange (PSE).

The value of the shares was placed at roughly P27.6 billion.

With the sale, Ang now owns the company’s biggest single bloc of shares.

In a disclosure to PSE, Cojuangco, SMC chairman and CEO, stated he is assigning his 11 percent stake, equivalent to 368.140 million shares, in the widely diversified conglomerate to Ang at “a friendly price of P75 per share.”[box type=”default” size=”large”] Shares sold at a ‘friendly price’ of only P75 each [/box]The shares were granted to Top Frontier (TF), an investment firm of which 49 percent is controlled by SMC through an option agreement purchase in 2009.

However, TF partially waived to exercise the option. The price of the share under the option agreement with TF was pegged at P75, which was P39 lower than the prevailing SMC market price of P114 per share.

Cojuangco said he sold his shares to Ang, whom he described as “a person in whom I have full trust and confidence and rightfully deserves utmost recognition for transforming the company into a highly diversified and profitable business conglomerate.”

“Mr. Cojuangco offered the balance of the option shares to me, and I accepted it primarily for the following reasons: San Miguel vision set by management during my term is far from being achieved, and I have an obligation to ECJ, the company’s stakeholders and the employees to see through the realization of this vision,” said Ang, who is also the owner of the Diamond Hotel on Roxas Blvd., Manila (James Loyola, Manila Bulletin)