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Manila Bulletin devider Business devider The Stock Market devider Ramon Ang returns to Meralco with ₱3.9-billion San Miguel stake

Ramon Ang returns to Meralco with ₱3.9-billion San Miguel stake

Published Jul 23, 2025 04:18 pm
Ramon S. Ang
Ramon S. Ang
After more than a decade, tycoon Ramon S. Ang is back as a shareholder in power distributor Manila Electric Co. (Meralco).
In a disclosure to the Philippine Stock Exchange on Wednesday, July 23, Ang-led San Miguel Corp. (SMC) confirmed reports that its unit, SMC Global Power Holdings (formerly Global 5000 Investments), recently acquired a 3.8 percent stake in Meralco for approximately ₱3.9 billion.
Ferdinand K. Constantino, SMC corporate information officer, said the deal was facilitated through a Deed of Absolute Sale on Wednesday. The newly acquired Meralco shares will be held under SMC Global Power.
Online news outlet InsiderPH reported early Wednesday that San Miguel acquired 43.23 million Meralco shares from the Land Bank of the Philippines at ₱90 each. This price represented a significant discount from Meralco’s closing price the previous day.
The transaction stems from a protracted agreement dating back to 2008. At that time, Landbank had agreed to sell 46.6 million Meralco shares to the San Miguel group for ₱90 per share, which exceeded the market value then. However, the deal was stalled for years due to graft allegations.
The path to completion opened following the Sandiganbayan’s June 14, 2024, resolution, which cleared former Landbank executives of charges related to the share sale. This acquittal enabled the transaction to proceed, bringing Landbank into compliance with a Supreme Court resolution dated April 17, 2024. That high court decision mandated the immediate execution of the original share purchase agreement, which was initially signed on December 2, 2008.
Ang’s re-entry into Meralco’s shareholding harks back to a major corporate showdown in 2008 for control of the Philippines’ largest electricity distributor. This intense struggle involved two of the country’s most powerful business groups: Ang’s San Miguel and Manuel V. Pangilinan’s MVP Group.
Meralco was a highly sought-after asset at that time. The Lopez family, its long-time owners, faced pressures that opened the door for new investors.
San Miguel, eager to diversify, aggressively entered the fray, acquiring a significant stake from Government Service Insurance System at a premium price, signaling its clear intention to take control. Simultaneously, the MVP Group also strategically bought shares, particularly from the Lopez family.
The battle became a complex mix of share purchases, legal maneuvers and public positioning. Ultimately, the Lopez family sided with the MVP Group, which then consolidated its position and gained control of Meralco.
San Miguel eventually sold its Meralco shares to JG Summit Holdings Inc. of the Gokongwei family in 2013, concluding Ang’s direct involvement in the utility.

Related Tags

Manila Electric Co. (Meralco) San Miguel Corp. (SMC) Ramon S. Ang
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