JG Summit Holdings Inc. (JGS) plans to acquire 37.05 billion common shares of listed Oriental Petroleum and Minerals Corp. (OPMC) from its wholly owned subsidiary, JG Summit Capital Services Corp. (JGSCSC), to consolidate its investment in the oil and gas company at the parent level.
In a disclosure on Friday, the Gokongwei family-led JG Summit said its board on Oct. 22 approved the proposed acquisition of 37,051,952,896 common shares of OPMC, consisting of 8.40 billion Class A shares and 28.66 billion Class B shares held by JGSCSC as of Sept. 30, 2026.
OPMC is jointly owned by the Gokongweis through JGS and by businessman Robert Coyiuto.
The transaction will be conducted through a cross-block sale using the facilities of the Philippine Stock Exchange, with completion targeted for Oct. 26, subject to applicable laws, rules and regulations and the terms and conditions approved by JG Summit.
The acquisition price will be based on OPMC’s 30-day volume-weighted average price (VWAP), calculated through the close of trading on Friday, Oct. 23.
JG Summit said the final price per share and total consideration would be determined after the calculation period ends.
“The proposed acquisition is intended to consolidate JGS’s investment in OPMC at the parent level,” it said.
JG Summit shares on Friday slipped P0.26 or 1.53 percent, to close at P16.72 each, while shares of OPMC surged 14.29 percent to close at P0.016 apiece.
