Ramon Ang to pay 120% premium for more shares in SMC parent
Inquirer.net MANILA -Billionaire and San Miguel Corp. (SMC) president Ramon Ang will complete a P10.9-billion investment in listed Top Frontier Investment Holdings Inc., the parent firm of the conglomerate, by the end of the month.
Announced in early June, the deal with strengthen Angs position as the second-biggest shareholder of SMC after tycoon Iigo Zobel.
It was previously announced that Angs private investment firm Far East Holdings Inc. will acquire 45 million newly issued shares of Top Frontier at P241.42 each.
This will raise Angs stake in the company, which owns about 60 percent of SMC, to almost 35 percent. Zobel will own 52.82 percent of Top Frontier after the new shares are issued.
Top Frontier said in a stock exchange filing on Friday that Far East Holdings will fully pay for the shares in cash on or before June 30 this year.
