Ramon Ang buys into Lopez empire amid family rift

MANILA, Philippines — Tycoon Ramon Ang has acquired the 25.7-percent stake of Eugenio “Gabby” Lopez III’s family branch in Lopez Inc., marking a major ownership shift in the holding company of the Lopez Group.

Lopez announced on Monday that Crème Investment Corp., the holding company through which his branch of the family owned the stake, had completed the sale of its shareholding to Ang.

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The transaction gives Ang a significant minority interest in Lopez Inc., although the other family branches will retain the controlling majority and continue to lead the group.

Ang made the investment in his personal capacity through his wholly owned holding company, according to the statement. The parties did not disclose the value of the transaction.

Ang also confirmed the investment to the Inquirer in a text message. Asked whether he had acquired the stake, Ang replied: “Yes, Gabby’s shares.”

Lopez said the sale was driven by two considerations, including a desire to ease the family dispute that has affected the group.

“The first is my family,” Lopez said. “This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace.”

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Lopez said the transaction would also allow his family to redirect resources toward businesses aligned with its “personal mission,” with more details to be announced later.

He expressed confidence that Ang would be a good partner to Lopez Inc., citing the longstanding relationship between their families.

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Ang, meanwhile, said his investment was driven by his confidence in the Lopez Group’s businesses and stressed that he had longstanding ties with all branches of the family.

“I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it,” Ang said.

He also made clear that his entry would not displace the Lopez family from control of the group.

“The family branches that continue to hold the controlling majority of Lopez, Inc., will continue to lead it. My interest is that the group comes out of this stronger,” Ang said.

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Lopez Inc. president and CEO Federico “Piki” Lopez also welcomed Ang’s entry, saying his experience could bring value to the holding company.

“The Lopez family’s entry into this partnership with him is truly a welcome development and in line with our history of partnering with recognized individuals and institutions to promote the growth of our businesses,” Piki said.

“It’s a great step toward resolving issues that have affected our family as well as our businesses and can only be good for everyone,” he added. INQ