Iñigo Zobel moves controlling Top Frontier stake in P11.2-B deal

MANILA, Philippines — Tycoon Iñigo Zobel has moved nearly his entire controlling stake in Top Frontier Investment Holdings Inc., the parent of San Miguel Corp., to his wholly owned private holding company in a P11.2-billion block transaction.

Top Frontier said Thursday that Zobel, its chair, transferred 199,599,900 common shares to IZ Investments Holdings Inc., which he wholly owns. The shares were worth about P11.22 billion based on Top Frontier’s P56.20 closing price.

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At the same time, the transfer shifts Zobel’s controlling interest from his personal holdings to his private investment vehicle. Top Frontier did not disclose the transaction price or Zobel’s reason for the move.

However, since Zobel wholly owns IZ Investments, the transaction changes the vehicle holding his stake rather than transferring ownership to an unrelated investor.

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Moreover, Top Frontier, the listed parent of San Miguel, has interests spanning food and beverages, power, fuel, infrastructure, airports and banking. As of March 31, it had 377.89 million outstanding common shares, excluding 157.31 million treasury shares.

Still, the transfer comes as Top Frontier remains San Miguel’s controlling shareholder, placing Zobel’s ownership structure atop one of the Philippines’ largest corporate groups. /pai