Gokongwei cedes P32B shares to heirs | Inquirer Business
Close  

Gokongwei cedes P32B shares to heirs

89-year-old tycoon trims stake in JG Summit as part of estate planning
/ 05:48 PM November 02, 2015
John Gokongwei. INQUIRER file photo

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.

ADVERTISEMENT

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.

FEATURED STORIES

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Gokongwei estate planning, JG Summit, John Gokongwei Jr., Lance Gokongwei, Robina Gokongwei Pe
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.