Ramon Ang acquires 30% of GMA
MANILA, Philippines - Businessman Ramon S. Ang has beefed up his broadcast media portfolio with the acquisition of a 30-percent stake in GMA Network Inc.
Ang, who is president and chief operating officer of diversified conglomerate San Miguel Corp. (SMC), said in a text message that the transaction with the majority shareholders of GMA was a done deal.
He said the investment in GMA was being done in his personal capacity and that SMC was not in any way involved in the transaction.
Ang confirmed that he is acquiring a 30-percent interest in the listed broadcast firm.
“Yes,†he replied when asked if he was acquiring 30 percent and if it was being done in his own personal capacity.
This is Ang’s latest venture into the broadcast media business having partnered with businessman Wilson Tieng of Solar Entertainment Inc.
The families of chairman Felipe Gozon, president Gilberto Duavit and Menardo Jimenez control GMA.
GMA executive vice president and chief finance officer Felipe Yalong informed the Philippine Stock Exchange (PSE) of the company agreement to sell a minority stake in GMA to Ang.
“The company has been informed by its major shareholders that they have agreed to sell to Mr. Ang a participating minority equity interest in the Company’s outstanding capital stock, subject to the final terms and conditions of the share purchase documents, which the parties are presently negotiating,†he said.
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