BUSINESSMAN Manuel V. Pangilinan expects to finalize the sale of his minority stake in the Inquirer Group of Companies to the Prieto family this week.
“We’ve reached agreement with Mrs. Prieto, and I believe the documents should be executed by this week… We probably could sign by next week,” Mr. Pangilinan said, referring to Inquirer Group Chairman Marixi R. Prieto.
The Prieto family last month announced its sale of its majority shareholdings in the Inquirer group to San Miguel Corp. President and Chief Operating Officer Ramon S. Ang. The company, however, will not be managed by the San Miguel group, but instead would be a personal investment by Mr. Ang.
Mr. Pangilinan, who is also chairman, CEO and president of PLDT, Inc., said there is already a valuation of his 15% stake in the Inquirer, but declined to give details.
Asked whether the amount is in billions, Mr. Pangilinan said, “More or less.”
Ms. Prieto had previously said that the family had initially offered its 85% share in the Inquirer to Mr. Pangilinan, who owns the remaining 15%.
Mr. Pangilinan, however, refused the offer, citing possible conflict with Philippine competition law, as he already owns The Philippine Star, BusinessWorld, and the TV5 network.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo
