San Miguel Corp (SMC) is to acquire an 88.5 per cent stake in Eagle Cement Corp, reports GMA News. SMC said its boards of directors authorised the management of the corporation to “negotiate and enter into a share purchase agreement with the selling shareholders.” The selling shareholders of Eagle Cement include Ramon Ang, John Paul Ang, Monica Ang, and Far East Holdings Inc (FEHI), the latter of which is majority owned by Ramon Ang.

The approved acquisition price is reportedly PHP22.02 (US$0.38) per share.

Ramon Ang is the president and CEO of SMC. He is also the chairman of Eagle Cement. Meanwhile, John Paul Ang is a member of the board of directors of SMC and also the president and CEO of Eagle Cement. “Ramon Ang and John Paul Ang did not participate in the approval by the board of directors of the corporations of the proposed acquisition,” added SMC.