Billionaire Ramon Ang Raises Stake In San Miguel Parent With $194 Million Investment | Canada News Media
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Billionaire Ramon Ang Raises Stake In San Miguel Parent With $194 Million Investment

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1 year ago

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Billionaire Ramon Ang is investing 10.9 billion pesos ($194 million) to increase his stake in Top Frontier Investment Holdings, the parent company of San Miguel Corp., one of the Philippines’ oldest conglomerates with interests in food, beverages and infrastructure.

Ang, through his Far East Holdings Inc, is buying 45 million shares in Top Frontier for 241.42 pesos apiece, more than double the stock’s closing price on Thursday, before the planned share purchase was disclosed in a regulatory filing the next day. The stock rose 10.8 % to 133 pesos in morning trading in Manila, heading for a third day of gains.

The share purchase will boost Ang’s stake in Top Frontier to about 35% from 26% previously, and make him the second-largest shareholder in the company next to fellow billionaire Inigo Zobel.

Ang’s investment was approved by Top Frontier’s board after an independent valuation conducted by FTI Consulting showed that the company’s shares were undervalued and could be worth as much as 286.70 pesos each. Besides being the biggest shareholder of San Miguel, with a 66% stake, Top Frontier also has interests in mining, according to the company’s website.

The acquisition comes after Ang sold his controlling stake in Eagle Cement to San Miguel in October for 97 billion pesos, consolidating his business interests amid a construction boom in the country and as the food-to-energy conglomerate accelerates infrastructure projects including a mega international airport project, toll roads and power plants.

Ang—who acquired most of his San Miguel shares from the late tycoon Eduardo Cojuangco Jr. in 2012—is the president and CEO of the conglomerate. He transformed the company from a brewer and food manufacturer into one of the country’s most diversified businesses with interests in real estate, oil refining, power generation and infrastructure. He has a net worth of $3.3 billion, according to Forbes’ real-time data.

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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2 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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7 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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