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“How shall freedom be defended? By arms when it is attacked by arms, by truth when it is attacked by lies, by faith when it is attacked by authoritarian dogma. Always, in the final act, by determination and faith.”

― Archibald MacLeish

Monday, December 12, 2011

Pssst...Ramon Ang:Who Really Owns San Miguel Now?

Question: Who really owns San Miguel now?

 Can you guess who really owns San Miguel now? 
Clue:It's not Ramon S. Ang nor D' Boss.
From Philippine Star
MANILA, Philippines - Food-to-power conglomerate San Miguel Corp. said its biggest shareholder Top Frontier Investment Holdings Inc. had sold nine million common shares valued at P1.1 billion.
San Miguel corporate information officer Ferdinand Constantino said the shares were crossed at the Philippine Stock Exchange Thursday at a price of P119.12 each.
The company’s stocks closed at P123.1 Thursday and fell to P120 yesterday.
San Miguel did not disclose the buyer of the shares.
 Based on a recent filing with securities regulators, Top Frontier owned 1.22 billion common shares equivalent to a 36.67-percent stake in San Miguel as of Sept. 30, 2011.
Top Frontier is 49 percent owned by San Miguel itself as represented by its president Ramon S. Ang while 51 percent is controlled by an investor group that includes former Trade Minister Roberto V. Ongpin, his nephew Eric Recto (who is also president of Petron Corp.) and businessmen Iñigo Zobel and Joselito Campos.
Top Frontier likewise holds the option to buy an additional 493.37 million shares in San Miguel from tycoon Eduardo “Danding” Cojuangco Jr. for P37 billion. It entered into a share option deal with 44 corporate shareholders of San Miguel – mostly related to Cojuangco – involving 476.72 million A shares and 16.65 million B shares at a price of P75 apiece. The option can be exercised until November 2012.
The courts have earlier declared Cojuangco as the owner of the San Miguel shares after years of dispute. The government previously claimed ownership of the shares, alleging that Cojuangco used illegally acquired money from coconut farmers during the Marcos regime to buy into San Miguel.

 What is the real SMC strategy?
Under their reign, Cojuangco and Ang have been on an international “Buying And Selling ” spree for San Miguel.
Can You Guess Why?
 
Why is former Chief Justice Reynato Puno in the SMC board together with Estelito Mendoza and Bobby Ongpin? 
Is this now a new version of Puno's "Moral Force Movement?

Puno launches Moral Force Movement

Chief Justice Reynato Puno was chosen as chairman of the Council for Moral Revolution, a brainchild of former Arroyo ally Jose de Venecia Jr..  Puno eschewed De Venecia’s proposition as he did not want the independence of his office compromised.  “I wish to thank you and the others for electing me in absentia as Chairman of the Council for Moral Revolution…While I agree with the need for moral transformation of all of us, I regret to decline the position in view of the inhibitions of my office as Chief Justice,” Puno wrote the former speaker of the House of Representatives.  
However, on Monday, Puno launched the "Moral Force Movement" (MFM) to a cheering crowd of students, religious organizations, and members of the judiciary.
The MFM describes itself as “neither pro- nor anti- administration, but it is not apolitical and neutral since it will stand up for political righteousness.”
Its objective is to see “transformational leadership” in 2010 through a voter’s education program. MGG's Guevara said that their main benchmark for the credibility of candidates is their track record – how many promises they kept, how many they broke.
The focus will not be on specific issues, such as the debate on the reproductive health (RH) bill, for instance, or charter change. The MFM core group and its members have their own views about these.
From ABS-CBN News 
 Who is Roberto Ongpin Fronting For In SMC?