Ramon Ang pumping P10.9-B into Top Frontier
Top Frontier Investment Holdings [TFHI 120.00 8.1%; 41% avgVol] [link], the parent company of San Miguel [SMC 106.90 0.2%; 83% avgVol], disclosed that its board had unanimously approved the sale of 45 million common shares to Far East Holdings (FEH), at a price of P241.42/share, for a total price of approximately P10.86 billion.
The per-share price of the deal is 117% higher than TFHI’s previous closing price of P111.00/share. FEH is owned by Ramon Ang, and the deal would increase Mr. Ang’s stake in TFHI to approximately 35%. The purchase will make Mr. Ang the second-largest TFHI shareholder behind Inigo Zobel. When asked about the purchase, Bloomberg reported that Mr. Ang said: “It’s a good investment”, and then added that he has “extra funds”.
MB BOTTOM-LINE
As the Bloomberg article mentions, FEH made some money in 2022 when it sold its holdings in Eagle Cement to SMC. In this game of “follow the money”, we’ll just have to wait and see what TPHI does with the new injection of cash. What we don’t have to wait for is the use of this deal as a contrast to how Manny V. Pangilinan has conducted the Metro Pacific [MPI 4.35 0.5%; 463% avgVol] tender offer transaction. I wonder if COL Financial is going to send me a breathless email about TPHI’s upcoming shareholders’ meeting, too?
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