Ramon Ang buys 25.7% of Lopez Inc. as Gabby Lopez exits stake

MANILA, Philippines — Businessman Ramon S. Ang has acquired a 25.7-percent stake in Lopez Inc. from the family branch of Eugenio “Gabby” Lopez III, as the latter moves to close the chapter on a long-running family dispute.

In a statement issued Monday, Lopez said Creme Investment Corp. — the holding company through which his branch held the stake — had completed the sale to Ang.

READ MORE: ABS-CBN denies handover talks with Pangilinan group

Ang made the investment in his personal capacity, through a holding company he wholly owns. Neither party disclosed the value of the transaction.

Ang confirmed the deal to the Inquirer in a text message. Asked if he had acquired the shares, he replied simply: “Yes, Gabby’s shares.”

Family peace cited as driving factor

Lopez said the sale was driven in part by a desire to mend rifts within the family.

“This dispute has not been good for any of us, or for the people who work in our companies,” Lopez said, adding that the move was a step toward restoring family unity.

He also said the transaction would free up family resources to pursue ventures aligned with what he called their “personal mission,” though he did not elaborate further.

Despite the sale, Lopez expressed confidence in Ang as a partner going forward, citing the two families’ longstanding ties.

READ: ABS-CBN debunks Pangilinan takeover claim

Ang: control stays with existing family branches

Ang, for his part, emphasized that the family branches holding the controlling majority of Lopez Inc. would remain in charge.

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

“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 added.

READ MORE: More Filipinos out of work as unemployment rate hits 4.9% in June

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.