SMC president Ramon Ang gains full ownership of Privado Holdings

San Miguel Corp. (SMC) on Monday said it received notice that president and chief operating officer Ramon S. Ang has gained full ownership of Privado Holdings Corp., an investment vehicle which owns 10.68 percent equity in the diversified conglomerate.

Ang was able to acquired full ownership of Privado Holdings when he bought the 37.5 percent equity interest of SMC director Thomas Tan in the investment vehicle, SMC noted in a disclosure to the Philippine Stock Exchange.

Before this latest transaction, Ang was holding 62.5 percent equity in Privado Holdings.

SMC fell prey to speculation last year that its financial condition was shaky, prompting a wave of selling  that depressed its share price in the stock market. To counter the move, Ang bought back SMC shares through Privado Holdings.

In October 2013, Ang transferred 368.14 million SMC shares valued at P27.6 billion to Privado Holdings from Master Year Ltd., a move which consolidated this ownership of SMC.

Established in 1890 as a food and beverage and packaging concern, SMC had since diversified into  power generation, infrastructure, financial services, mining and telecommunications.

Net income was up up 42 percent to P38.1 billion last year from P26.8 billion a year earlier, mainly driven by the sale of its 27.1 percent equity stake in power utility Manila Electric Co. for a gain of P40 billion and helped offset the impact of P15.6 billion in unrealized foreign exchange losses. – VS, GMA News