MANILA, Philippines–The group of Filipino-Chinese businessman Antonio Cabangon-Chua is set to take over management control of the sequestered broadcasting firm Radio Philippines Network Inc. (RPN-9) following a deal to buy the stake held by some of the latter’s key shareholders.
Cabangon-Chua—who has interests in print and radio media assets alongside his real estate, banking, car dealership and insurance businesses—is set to become chair of RPN-9 while Benjamin Ramos of ALC group will be president, sources from the ALC group said.
Cabangon-Chua’s investment in RPN-9 is seen in line with the thrust to be a big player in business and sports coverage. The ALC group also owns other media assets including business newspaper Business Mirror and tabload Pilipino Mirror as well as radio network Aliw Broadcasting Corp.
Industry sources said Cabangon-Chua has gained a foothold in RPN-9 by acquiring 100 percent of the stake held by content provider Solar TV network of businessman Willy Tieng, which in turn owns 34 percent of RPN-9.
Tieng is selling assets to fund his plan to take over the tourism estate assets of the Thunderbird Resorts group, other sources said.