The months-long feud between Lopez family members took a decisive turn Monday with the revelation of the buyer of the Gabby Lopez-led’s identity.
Eugenio ‘Gabby’ Lopez III announced that Crème Investment Corp., the holding company through which his branch of the family owns a 25.7-percent stake in Lopez, Inc. – in turn the holding company of the Lopez Group – has completed the sale of that shareholding to businessman Ramon S. Ang.
Ang invested in his personal capacity through his wholly owned holding company.
Lopez said he sold for two reasons. ‘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. Our families have known Ramon a long time. I am confident he will be a good partner to Lopez, Inc.’
Ang for his part said: ‘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. 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.’