SMC president Ramon S. Ang
MANILA -Tycoon and San Miguel Corp. president and CEO Ramon Ang joined the board of Manuel Pangilinan-led Metro Pacific Investments Corp. after buying a stake in the P150-billion utilities and infrastructure giant, which was recently privatized.
In a stock exchange filing on Monday, SMC said the billionaire was elected to the Metro Pacific board of directors on Oct. 17, confirming a report by the Inquirer. Ang confirmed the news in a separate message.
‘At MVP’s invitation’
“We advise that Mr. Ramon S. Ang, president and chief executive officer of San Miguel Corp., in his personal capacity and on the invitation of Mr. Manuel V. Pangilinan, made an indirect investment in Metro Pacific Investments Corp,” the company said.
San Miguel clarified it was not involved in the transaction, which was announced after Metro Pacific delisted from the Philippine Stock Exchange on Oct. 9.
The company and Ang did not provide other details such as the size of the investment and the seller of the shares.
Ang is now among several tycoons at the helm of Metro Pacific, which is also owned by Indonesian billionaire Anthoni Salim, Pangilinan, and the Ty family’s GT Capital Holdings. Other large shareholders are the Japanese venture that includes industrial giant Mitsui and the Philippine government-run Government Service Insurance System.
Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said the deal made sense for Ang, who is also known in business circles by his initials “RSA”.
“RSA knows the infrastructure and energy businesses very well, so he probably sees a clear financial upside,” Colet told the Inquirer.
“There is also the possibility that there is a strategic angle to this, as his entry could generate opportunities for cooperation between San Miguel and [Metro Pacific],” he added.
SMC, MPIC businesses
San Miguel is a conglomerate with interests spanning food, drinks, power and infrastructure. Both San Miguel and Metro Pacific are also the biggest toll road operators in the country via a network of expressways that is mainly concentred in Metro Manila and other parts of Luzon island.
The two companies recently teamed up for the development of the Nasugbu-Bauan and the Cavite-Batangas Expressway projects.
Metro Pacific’s portfolio includes energy distribution giant Manila Electric Co., Maynilad Water Services, Light Rail Transit Line 1and a chain of private hospitals, including Makati Medical Center and Asian Hospital and Medical Center. It also announced an aggressive foray into agriculture to meet the country’s food security concerns.