SAN Miguel Corp. President and CEO Ramon S. Ang has bought a 25.7-percent stake in Lopez Inc. from the family branch led by Eugenio “Gabby” Lopez III.
Gabby Lopez on Monday announced that Crème Investment Corp. had completed the sale of the shareholding to Ang, who made the investment in his personal capacity through a wholly owned holding company.
Lopez said the sale was driven by concerns within the family and a desire to redirect resources toward businesses aligned with his branch’s personal mission.
“The first is my family,” he 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.”
“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,” he added.
Gabby Lopez also expressed confidence in Ang as a partner.
“Our families have known Ramon a long time. I am confident he will be a good partner to Lopez, Inc.,” he said.
Lopez Inc. President Federico “Piki” R. Lopez, who Gabby Lopez has tried to oust, separately confirmed the transaction and welcomed Ang to the company.
“We welcome Mr. Ramon Ang to Lopez Inc. with deep appreciation. We have been friends for a long time and so I do look forward to working together with him,” Piki Lopez said.
“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 truly a welcome development and in line with our history of partnering with recognized individuals and institutions to promote the growth of our businesses.”
Piki Lopez said the transaction could also help address issues affecting the family and its businesses.
“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,” he said.
Ang said his investment was based on his longstanding relationship with the Lopez family and confidence in its businesses.
“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,” he 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.”
Ang also said the Lopez family branches that continue to hold shares will retain control of Lopez Inc.
“My interest is that the group comes out of this stronger,” he said.
