RAMON S. ANG, president and chief executive officer of San Miguel Corp. (SMC), has been elected to the board of Metro Pacific Investments Corp. (MPIC), the listed diversified conglomerate said on Monday.
“Mr. Ang was elected as a member of the board of directors of MPIC during a meeting of the board of directors of MPIC held on Oct. 17,” SMC said in a regulatory filing.
SMC also disclosed that Mr. Ang made an indirect investment in MPIC “in his personal capacity and on the invitation of [MPIC President and Chief Executive Officer] Manuel V. Pangilinan.”
However, the company did not provide details on the investment and the corresponding share of Mr. Ang in MPIC.
Meanwhile, SMC clarified that it has not made any investment in MPIC.
“To date, there have been no developments relating to the Nasugbu Bauan and the Cavite Batangas Expressway projects of MPIC and the SMC Infrastructure Group,” SMC said.
“SMC shall make disclosures to the exchange in the event there are material disclosable developments pertaining to such tollway projects,” it said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
On Monday, SMC shares at the local bourse rose P2.60 or 2.53% to close at P105.30 apiece. — Revin Mikhael D. Ochave
