San Miguel CEO Ramon Ang takes 25.7% stake in Lopez Group holding company

Philippine billionaire Ramon Ang has acquired a 25.7% stake in Lopez Inc., the private holding company at the top of the Lopez Group, bringing one of the country’s most powerful businessmen into the family-owned conglomerate amid an ongoing dispute between Lopez family branches.

Ang made the investment in his personal capacity through Illumina Investment Holdings, a wholly owned holding company, rather than through San Miguel Corp., where he serves as chairman and CEO.

The stake was sold by Crème Investment Corp., the holding vehicle for the family branch of former ABS-CBN chairman Eugenio “Gabby” Lopez III. The transaction price and other financial terms were not disclosed.

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“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, as quoted by local media.

He added that the Lopez family branches retaining the controlling majority of Lopez Inc. would continue to lead the company.

The transaction gives Ang exposure to a diversified portfolio spanning energy, property and media through Lopez Inc. and its underlying interests, including First Philippine Holdings, First Gen, Rockwell Land and ABS-CBN.

A new shareholder amid a family dispute

Ang’s entry comes as the Lopez family continues to navigate a public dispute between cousins Federico “Piki” Lopez and the majority bloc led by Gabby Lopez and other family members.

Gabby Lopez said his decision to sell was driven partly by a desire to move away from the dispute and redirect his family’s capital towards businesses aligned with its own priorities.

“The first is my family. 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,” he said.

“The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time,” he added.

The remaining Lopez family branches will retain a controlling majority in Lopez Inc., meaning Ang’s investment does not amount to a change in control of the group.

Piki Lopez, president of Lopez Inc., welcomed the transaction, highlighting Ang’s business experience and the Lopez family’s history of working with external partners.

Potential implications for ABS-CBN

While the transaction takes place at Lopez Inc. rather than directly at any of its operating companies, the move has prompted speculation over what Ang’s involvement could eventually mean for ABS-CBN.

The broadcaster has faced significant financial and strategic challenges since Congress did not renew its free-to-air broadcasting franchise in 2020. The Lopez family has also disagreed over the extent of further investment required in the business.

However, analysts cautioned against interpreting Ang's investment as an immediate rescue of ABS-CBN.

The transaction has already been reflected in the market performance of several listed companies linked to the Lopez Group.

Separately, First Philippine Holdings disclosed that Roberta Lopez Feliciano resigned from its board effective 9 August following the sale of Crème Investment’s shares in Lopez Inc.

ABS-CBN said it does not expect the transaction to affect its business, financial condition, operations or ownership structure because the deal took place at the Lopez Inc. level.

The longer-term impact will depend on how Ang’s new position translates into board involvement, strategic partnerships or further investment across the group's portfolio.

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