(Bloomberg) -- Philippine billionaire Ramon Ang will increase his stake to over a third in Top Frontier Investment Holdings Inc., the parent company of food-to-power conglomerate San Miguel Corp., where he is both president and CEO.
Far East Holdings Inc., which Ang owns, will subscribe to 45 million shares in Top Frontier at 241.42 pesos ($4.32) a share, Top Frontier said in a filing to the stock exchange on Friday. That price, more than double the stock’s closing price on Thursday, values the acquisition at 10.86 billion pesos and will raise Ang’s interest to around 35%.
“It’s a good investment,” Ang said in a mobile phone message when asked about Far East’s plan to buy the shares, adding that he has “extra funds.” The share purchase, which should be fully paid in cash on or before June 30, will make Ang, who is also president and CEO at Top Frontier, the company’s second-largest shareholder after businessman Inigo Zobel.
Ang’s Far East raised funds last year when it sold its holdings in Eagle Cement Corp. to San Miguel.
Ang, through Master Year Ltd. and Privado Holdings Corp., holds 26% of Top Frontier. The 45 million shares Far East will acquire is equivalent to 13.5% of Top Frontier’s current outstanding shares.
Shares of Top Frontier soared as much as 33.3% in Manila trading, before paring gains to end 8.1% higher at 120 pesos, its strongest close since March 2022. San Miguel was up 0.2%.
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