Extra funds: Ramon Ang boosts stake in Top Frontier to 35%, dilutes Iñigo Zobel’s holdings to 53%

Top Frontier Investment Holdings Inc. (TFHI), the largest shareholder of San Miguel Corp., is having a major shakeup in its equity structure.

Ultra bilyonaryo Ramon S. Ang has increased his combined stake in TFHI from 26 percent to 35 percent following his Far East Holdings’ purchase of 45 million shares for P10.86 billion on June 7.

Ang’s purchase will dilute the shareholdings of TFHI chairman Iñigo U. Zobel from 60 percent to 53 percent.

Ang’s capital infusion will also dilute TFHI’s public ownership from 11.9 percent to 10.5 percent and foreign ownership from 15.7 percent to 13.8 percent.

TFHI will use the P10.9 billion in fresh funds, to be paid by the end of this month, for general corporate purposes, including the payment of its financial obligations and distributions.

Ang, who is president and CEO of TFHI and SMC (where he is also vice chairman and COO), owns only .02 percent of TFHI under his name. The balance of his shareholdings are held through Master Year Limited (13.2 percent), Far East (11.9 percent), and Privado Holdings (9.8 percent). Ang’s Privado is SMC’s second-biggest investor with 15.7 percent.

With this latest infusion, Ang has injected a total of P88 billion of the P97 billion he received from the sale of his stake in Eagle Cement to SMC in 2022. Ang bought a total of P77 billion in redeemable non-voting perpetual securities of TFHI last December.


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