“There is persistent talk that San Miguel has once again come full circle, that the corporation’s controlling shares will soon again change hands. And like the buyout negotiation 28 years ago, this too is shrouded in utmost secrecy.
The buyers’ identity, the “real man” behind the negotiation, and the source of funds for the purchase of the shares, are carefully hidden from the public. While he is neither an heir to Marcos or related to him, this supposed real owner shares the late dictator’s love of power and money. – Newsbreak
The Supreme Court ruled that businessman Eduardo “Danding” Cojuangco’s 20-percent stake in San Miguel Corp. (SMC) does not form part of the so-called coco levy funds and does not belong to the Philippine government.
Coco levy is a tax exacted from coconut farmers from 1973 to 1982, during the term of the late dictator Ferdinand Marcos. Cojuangco and Marcos-era officials bought the United Coconut Planters Bank (UCPB) using coco levy funds.
A perceived Marcos crony, Cojuangco is the uncle of incumbent President Benigno Aquino III and first cousin of Aquino’s mother, the late former President Cory Aquino.
In a 73-page ruling promulgated on Tuesday, the high court dismissed the petition filed by the Presidential Commission on Good Government (PCGG), which sought to reverse the Sandiganbayan’s ruling in 2007.
The Sandiganbayan ruled that Cojuangco, as chair of SMC, is the rightful owner of the contested shares.
In affirming the Sandiganbayan, the Supreme Court held: “The block of shares in San Miguel Corp. in the names of respondent Cojuangco, et al…. the exclusive property of Cojuangco et al. as registered owners.”
“Accordingly, the lifting and setting aside of the writ of sequestration affecting said block of shares… are affirmed and the annotation of the conditions prescribed in the resolutions promulgated on October 8, 2003 and June 24, 2005 is canceled,” added the ruling written by SC Associate Justice Lucas Bersamin.
Those who concurred with the ruling were Chief Justice Renato Corona and SC Associate Justices Presbitero Velasco, Teresita Leonardo-De Castro, Mariano del Castillo, Roberto Abad, and Martin Villarama.
Those who dissented were SC Associate Justices Conchita Carpio-Morales, Arturo Brion, Jose Mendoza, and Maria Lourdes Sereno.
SC Associate Justice Antonio Carpio, Diosdado Peralta, and Eduardo Nachura inhibited themselves from the case.
From GMA 7 News
- Ramon Ang, SMC President has confirmed that San Miguel Corp. chairman Eduardo “Danding” Cojuangco is fully divesting in the 120-year old conglomerate
- Top Frontier, which currently owns 54.6 percent of San Miguel’s Class ‘A’ shares and 55.8 percent of Class ‘B’ shares, wants to fortify its holdings in San Miguel with the planned share purchase deals worth a total of P79.7 billion.
- Top Frontier, a company owned by Roberto Ongpin and San Miguel Corporation, now controls almost 50% of San Miguel.
WHO OWNS WHAT? (Translation:”What Your Is Mine,What Is Mine Is Yours”)
San Miguel buys 49 % of key shareholder Top Frontier (January 2010)
Top Frontier buys 28% of SMC for P63.4B(November 2009)
A group led by former Trade Minister Roberto Ongpin, businessman Iñigo Zobel and condiments king Jose Campos bought on Friday a 28-percent stake in diversifying San Miguel Corp. for P64.3 billion.
Their holding company, Top Frontier Investment Holdings, Inc., acquired 857.12 million SMC shares from the San Miguel Retirement Plan at P75 per share.
Top Frontier, was incorporated in March 2008 with Ongpin, Zobel and Campos as major shareholders, together with Master Year Limited, a foreign-owned company. Ongpin, together with Master Year Limited, holds about 20 percent in Top Frontier while Zobel and Campos each hold 40 percent.
“The acquisition was funded through a combination of equity and foreign borrowings” Ongpin said in a press statement.From Inquirer
