Eugenio ‘Gabby’ L. Lopez III said Monday Crème Investment Corp., the holding company through which his branch of the family owns a 25.7-percent stake in Lopez Inc. (LI), has completed the sale of all of its stake to businessman Ramon S. Ang.
The deal ended months of bickering with family allied with Gabby and those with their cousin Federico ‘Piki’ R. Lopez.
Ang, chairman and CEO of San Miguel Corp., invested in his personal capacity through his wholly owned holding company, Illumina Investment Holdings Inc.
Ang said in a separate statement that he bought the shares under the invitation of the Gabby’s group.
Lopez said he sold his family’s shares 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.,’ he said.
Ang said he has 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,’ he said.
Piki, who confirmed the deal, said he welcomes Ang to the Lopez group ‘with deep appreciation.’
‘We have been friends for a long time and so I do look forward to working together with him,’ he 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.
‘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,’ Piki said.
ABS-CBN Corp. declined to comment as the deal is at its parent level.
‘Given that the transaction is at the Lopez Inc. level, the company does not foresee any impact on its business, financial condition, operations, or ownership structure as a result of this transaction.’
Shares of Lopez Holdings Corp. was up 1 percent at P6.07 per share, while San Miguel Corp. was unchanged at P63.80 per share.
As a result of the deal, Roberta L. Feliciano, director at First Philippine Holdings Corp., resigned from her post.