Far Eastern Holdings Inc., a private company owned by the family of San Miguel Corp. president Ramon Ang, is acquiring 45 million common shares in listed Top Frontier Investment Holdings Inc. for P10.86 billion.
TFIHI said in a stock exchange filing Friday its board of directors approved FEHI’s subscription to 45 million shares priced at P241.42 apiece.
The acquisition price is more than double TFIHI’s closing price of P111 on Thursday. The shares, which will be listed in the Philippine Stock Exchange, will be paid in cash on June 30, 2023.
The acquisition will increase Ang’s ownership in TFIHI whose main assets include a 61.7-percent interest in conglomerate SMC and 100-percent stake in mining firm Clariden Holdings Inc.
Ang’s other private companies, Privado Holdings Corp. and Master Year Ltd., also hold 11.07-percent and 14.96-percent stake in TFIHI, respectively.
The board of TFIHI also approved to move the company’s annual stockholders meeting to Aug. 3 from July 11 to include the listing of the shares for approval in the agenda.
TFIHI issued in December 2022 over P50 billion worth of redeemable non-voting perpetual securities to FEHI.
The share price of TFIHI climbed 8.1 percent Friday to close at P120.