Ang consolidates San Miguel shares

MANILA, Philippines – Ramon Ang, president and CEO of San Miguel Corporation, is consolidating his shareholdings in the conglomerate under his private company Privado Holdings Corporation.

In a disclosure to the Philippine Stock Exchange on Tuesday, October 1, San Miguel said Privado purchased 368.14 million San Miguel common shares for P75 apiece or a total of P27.6 billion.

Privado bought the shares from Master Year Ltd., which Ang also owns.

Ang bought the shares held by Master Year from San Miguel chairman Eduardo “Danding” Cojuangco in July 2012.

In August this year, Ang bought San Miguel shares from the market, this time, through Privado, as San Miguel's share price plunged over rumors the company was at risk of default.

Ang controls 62.5% of Privado, while Thomas Tan holds the remaining 37.5%. Tan is currently a member of San Miguel's board.

San Miguel has stakes in food and beverage, power, infrastructure and mining, among others. – Rappler.com