SMC’s Ang acquires 10% of PhilWeb

Newly-appointed San Miguel Corp. (SMC) president Ramon Ang has invested about P90 million in Internet stock PhilWeb.com expanding his shareholdings to 10 percent of the company’s total outstanding stocks.

Ang, an incumbent director in PhilWeb, was recently tapped as SMC president and chief operating officer, in addition to his post as vice-chairman of the company.

In his personal capacity, Ang also has significant stakes in other listed companies such as Cyber Bay Corp., where he sits as chairman; Belle Corp.; and Picop Resources, both as director.

In a disclosure to the Philippine Stock Exchange, PhilWeb.com corporate information officer Roberto Valdes said Ang subscribed to the PhilWeb shares at P0.02 per share, the closing price last March 13.

PhilWeb, whose shares have a par value of one centavo, closed 10 percent higher yesterday to P0.022. The company has 40.391 billion in outstanding shares. – Conrado Diaz Jr.