Ang eyes 22% stake of SSS in Philex

SMC honcho dispels another boardroom showdown

By Doris Dumlao
Philippine Daily Inquirer

SAN MIGUEL CORP. PRESIDENT RAMON S. ANG may acquire the Social Security System’s 22-percent stake in the country’s largest publicly listed mineral firm, Philex Mining Corp., to complement his existing mining interests.

Though Ang’s possible entry in Philex may be entirely personal—independent from San Miguel—his potential presence in the mining firm will mark a reunion of sorts of three of the most active figures in the Philippine merger and acquisition scene today: Ang, former Trade Minister Roberto V. Ongpin and Manuel V. Pangilinan.

Ongpin is part of Global 5000 Investment Inc., which is considered an ally of SMC, while Pangilinan is chair of Philippine Long Distance Telephone Co. and executive chair of First Pacific Co. Ltd. of Hong Kong.

All are key players in the recent ownership revamp of electricity retailer Manila Electric Co.

Ang said in an interview that the SSS had made an offer for him to buy its stake in Philex, and that another key shareholder in the mining firm, Ongpin, was convincing him to grab this opportunity.

“If they want me there, I will only agree if I can get a big chunk,” Ang said.

But Ang was quick to dispel claims that his potential entry in Philex would create trouble in the boardroom. He said the move was not meant to edge out the First Pacific group.

First Pacific has been actively buying Philex shares from the open market and has earlier made pronouncements that it intends to make Philex its mining platform in the Philippines.

“I think there’s nothing to fight about here because we can always have an equal (power) share (agreement),” Ang said.