Ramon Ang’s Far East Holdings buys another P36B perps of Iñigo Zobel’s Top Frontier

Ultra bilyonaryo Ramon S. Ang has pumped in P35.8 billion in new investments into Top Frontier Investment Holdings (TFHI) of bilyonaryo Iñigo Zobel.

TFHI reported the issuance of P24.631 billion series “C” redeemable non-voting perpetual securities on December 21 to to Far East Holdings, Inc. (FEHI) of Ang.

On the same day, FEHI acquired P11.151 billion series “B” redeemable non-voting perpetual securities of TFHI.

Ang’s massive haul of perps allowed TFHI to redeem the entire 1.9 billion preferred shares (worth P35.7 billion including accrued dividends) held by its 62 -percent owned subsidiary. San Miguel Corporation.

Ang has so far plowed back a total of P77 billion into TFHI after buying P41 billion perps on December 20.

Ang still has P20 billion remaining from the P97 billion he raised from the sale of the shares of FEHI and his family in Eagle Cement to SMC.

ALSO READ: Ramon Ang to plow back P41B of Eagle Cement proceeds to Iñigo Zobel’s Top Frontier, SMC’s owner

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