San Miguel Corp on Monday confirmed that its president and CEO Ramon Ang is investing in erstwhile infrastructure rival Metro Pacific Investments Corp.
SMC however clarified to the stock exchange that Ang was "indirectly" investing in MPIC in a personal capacity.
Ang invested in MPIC on the invitation of its chairman and president Manuel V. Panglinan, San Miguel said. The San Miguel chief executive was also elected as a memeber of MPIC Board during its meeting on Oct. 17, SMC added. Watch more News on iWantTFC The food-to-infrastructure conglomerate issued the statement after a local broadsheet reported that Ang was investing in MPIC, and that a source in MPIC said this was a prelude to an eventual merger of the toll businesses of the two groups. MPIC operates the NLEX, SCTEX, CAVITEX, CALAX, CCLEC and the NLEX Connector.
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