EUGENIO “Gabby” Lopez III has sold his 25.68-percent stake in Lopez Inc. to business tycoon Ramon Ang.
In a press statement, the former chairman of ABS-CBN Corp. said the move was made partly to help resolve a dispute within the Lopez family.
“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,” Lopez said.
“Additionally, selling his family branch’s stake in Lopez Inc. — whose portfolio includes ABS-CBN, Sky Cable, First Gen Corp. and Rockwell Land Corp. — will allow the family to redirect its resources into other ventures.”
The remaining 74.32 percent continues to be controlled by other branches of the Lopez family: the Oscar Lopez and Manuel Lopez branches, with 29.17 percent each through Croslo Holdings Corp. and Mantes Corp., respectively, and the Presentacion Lopez-Psinakis branch, with 15.98 percent through Presta Holdings Company Inc.
In a separate statement to the media, Ang said he purchased Lopez’s stake because of his friendship with the Lopez family.
“I have known the Lopez family for decades. Not one branch of it, but all of them. I am a friend to each and I intend to stay that way. 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. / TRC S
