The family branch of businessman Eugenio “Gabby” Lopez III has officially sold its 25.68-percent stake in Lopez Inc., the holding company of the Lopez Group, to tycoon Ramon Ang.
The transaction, completed through the branch's holding company, Crème Investment Corp., was driven by a desire to resolve ongoing internal conflicts and pivot toward new ventures.
In a statement released to the media today, August 10, 2026, the former chairman of ABS-CBN Corporation said the sale was made to resolve ongoing disputes within his family.
“The first is my family. This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step towards the restoration of family peace,” said Lopez.
Additionally, selling his family branch’s stake in Lopez, Inc. — whose portfolio includes ABS-CBN, Sky Cable, First Gen Corporation, and Rockwell Land Corporation — will allow the family to redirect its resources into other ventures.
“The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time,” added the business heavyweight.
Ramon Ang’s purchase gives him a 25.68% minority stake in the holding company.
The remaining 74.32% continues to be controlled by the other branches of the Lopez heirs: the Oscar Lopez and Manuel Lopez branches with 29.17% each (via Croslo Holdings Corp. and Mantes Corp., respectively), and the Presentacion Lopez-Psinakis branch with 15.98% (via Presta Holdings Company Inc.).
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DETAILS OF THE SALE
In a disclosure document made public today via his company, San Miguel Corporation, Ramon Ang revealed that he executed the purchase in his personal capacity through Illumina Investment Holdings, Inc., a corporation he wholly owns.
The transaction involved a Deed of Assignment with the members of the family of Eugenio Gabriel L. Lopez III, identified in the document as the "ELopez Family," for the acquisition of 25.68% of the outstanding and issued shares of stock of Lopez, Inc..
These shares were previously registered in the name of Crème Investment Corporation, and the filing notes that the purchase was made upon the direct invitation of the ELopez Family.
Additionally, the document confirms that Ang will brief the members of the San Miguel Corporation Board of Directors regarding the specific features of this purchase during a meeting scheduled for August 13, 2026.
In a separate statement to the media, the business tycoon explained why he made the purchase.
“I have known the Lopez family for decades. Not one branch of it, but all of them. I am a friend to each, and I intend to stay that way. I came in because I believe in these business, and because a steady partner at the table can be good for everyone around it,” he said.
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INTERNAL DISPUTE
Gabby Lopez’s move comes on the heels of the widely publicized feud within the Lopez empire, which became public in February this year when a majority of the Lopez, Inc. board voted 5-2 to remove Federico "Piki" Lopez as president and CEO, citing cause and a loss of trust and confidence.
Piki Lopez’s stake in Lopez Inc falls under the Oscar Lopez and Manuel Lopez family branch.
The ouster attempt prompted Piki to challenge the decision in court, where a temporary order was secured to block the removal. While the board majority eventually withdrew the resolution in May to open the door for renewed discussions, deep-seated disagreements regarding corporate governance and major strategic moves persisted.
The conflict was largely fueled by multibillion-peso transactions executed by Piki’s First Gen Corporation with Enrique Razon Jr.’s Prime Infrastructure. These controversial deals included the PHP50-billion sale of a controlling stake in First Gen's natural gas business and agreements concerning its hydropower assets.
The board majority argued these transactions were made without prior board knowledge and contained provisions that could expose First Gen to substantial financial losses if Federico were ousted from key management posts.
Conversely, First Gen maintained that there was no wrongdoing and that the provisions were standard protections requested by Prime Infrastructure for its investments.
Additionally, tensions were exacerbated by disagreements over a proposed PHP2-billion capital infusion into the financially struggling ABS-CBN network, which Piki allegedly refused to support.
This prolonged and highly public boardroom battle ultimately set the stage for the Gabby Lopez branch to divest its holdings, seeking to deescalate the situation and pivot toward new ventures by bringing in Ramon Ang as a steady, external partner.
Read: ABS-CBN addresses Piki Lopez's SEC complaint vs network