Philippines: Ramon Ang ups stake in San Miguel to 35%

Ramon Ang (69), since 2002 president and vice chairman of San Miguel Corp is raising its personal stake in Top Frontier Investment Holdings from 26% to about 35%. Besides other interests, mainly in mining, Top Frontier is with 66% the biggest shareholder in San Miguel Corp, a brewer that has been converted under Ang’s lead into a leader in food and beverages in the Philippines and also involved in infrastructure businesses.The Manila-based conglomerate — originally founded in 1890 — has seen remarkable growth over the past two decades.

Ang is buying 45 million shares worth PHP 10.9 billion (USD 19m), paying more than double the stock’s closing price on Thursday. The money comes from selling his controlling stake in Eagle Cement, the sole cement company in the Philippines, to San Miguel in October 2022 for PHP 97 billion (USD 1.7bn). San Miguel Corporation’s cement sales more than tripled year-on-year to USD 183m during the first quarter of 2023 contributing 3% of consolidated sales.

The investment makes Ang, with a net worth estimated by Forbes at USD 3.3 billion, the second-largest shareholder in the company next to fellow billionaire Inigo Zobel.

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