Ongpin may get bank

Ray Enano
http://www.manilastandardtoday.com/

Investment banker Roberto V. Ongpin and his group could end up owning Bank of Commerce as well if he succeeds in wresting control of diversifying food and beverage giant San Miguel Corp.

Bank of Commerce will be one of the collateral gains, along with San Miguel’s stake in Manila Electric Co., that Bobby stands to get once his group takes over San Miguel. It could also serve as a strategic financial gain, one that he could readily rely on in the pursuit of his megabuck investment deals.

San Miguel Corp. has already secured majority control of medium-sized Bank of Commerce after investing an additional equity in the bank in June this year. Unit San Miguel Properties Inc. and San Miguel Retirement combined now own at least 51 percent of Bancommerce from just 32 percent last year.

Top Frontier Investment Holdings Inc., 60 percent owned by Ongpin and co-San Miguel director Iñigo Zobel, on Nov. 27 bought the 28-percent stake of SMC Retirement in San Miguel for P64.3 billion. Master Year Ltd,, a foreign-owned company, owns 20 percent of Top Frontier.

Q-Tech Alliance Holdings Inc., another company that Ongpin partially controls, bought a 20-percent stake in San Miguel from Kirin Holdings Co. earlier this year.

Ongpin has said he may consolidate the holdings of Top Frontier and Q-Tech in San Miguel, giving his group a solid 48-percent stake in the food company that could trigger a tender offer. Read More...