Danding willing to sell 20% SMC stake

Businessman Eduardo “Danding” Cojuangco is willing to sell his stake in Southeast Asia’s largest food and beverage firm San Miguel Corp. (SMC)“at the right price.”

In an ambush interview, Cojuangco, the 13th richest person in the Philippines, according to Forbes Magazine, with an estimated wealth of $540 million, said he would sell if a worthy buyer comes with a good offer.

“I own 20 percent of SMC.. baka naman may gusto bumili ng magandang presyo, pwede na rin.  Lahat naman napag-uusapan, “ Cojuangco said.

Cojuangco, whose 20 percent ownership in SMC was affirmed by the Sandiganbayan, said he bought his shares at P23 apiece. “The shares were selling at P15 then but I bought them at P23,” he said.

Last Friday, SMC A shares closed at P48 per share while the B shares ended at P50.50 each.

Cojuangco, chairman and chief executive officer of San Migel,  didn’t say what would qualify as a good deal for his shares.

He said nobody is pursuing any shares right now but if someone is interested and it seems reasonable, he can deal with it.

In a 55-page ruling handed down in November last year, the Sandiganbayan said the Presidential Commission on Good Government and the Office of the Solicitor General failed to provide  sufficient evidence that would prove the accusation that Cojuangco used coconut levy funds, which have been declared public funds, to acquire his stake in San Miguel.  The ruling ended almost 20 years of litigation. Records show that Cojuangco was then a director of the Philippine Coconut Authority and chairman of the United Coconut Planters Bank (UCPB) when the shares were acquired.

Cojuangco is highly regarded in the business community due to his success in steering SMC into greater heights both on the domestic and international fronts through a string of acquisitions.

Since he took control of SMC in 1998 with the backing of then President Joseph Estrada, Cojuangco moved quickly to turn around SMC from its financial woes. Using a huge hoard of cash built through asset sales, he pursued a series of acquisitions  that saw SMC strengthen its dominance in the Philippines and widen its reach into Australia, China, Vietnam, Indonesia and Thailand.