Gokongwei cedes P32B shares to heirs

John Gokongwei. INQUIRER file photo

TYCOON John Gokongwei has ceded P32 billion worth of remaining shares in conglomerate JG Summit Holdings to heirs as part of the 89-year-old taipan’s estate planning.

On Oct. 28, Gokongwei – who is founder, chair emeritus and director of JG Summit – sold around 475.38 million shares in JG Summit at P68.4 per share, based on a regulatory filing. The tycoon unloaded direct shares equivalent to 6.6 percent of JG Summit’s outstanding stock.

Son Lance Gokongwei – director, president and chief operating officer of JG Summit – acquired 165.29 million shares or P11.3 billion of these JG Summit shares unloaded by the patriach. After the transaction, he now directly controls 7.6 percent of the conglomerate whereas the older Gokongwei’s direct stake has gone down to 2.8 percent.

It was earlier reported that Gokongwei’s daughter Robina Gokongwei-Pe – president of Robinsons Retail Holdings and also a director of JG Summit – had gobbled up P7.2 billion worth of JG Summit shares that day. This was equivalent to 105.31 million shares bought at P68.40 each. This leaves her with around 2.5 percent direct stake in JG Summit after this transaction.