The heirs of a listed food concern are on an exit mode. The grapevine said pending the finalization of a plan to sell the food company that dominates the local market, the heirs have started disposing of some of their prized assets, including membership shares in exclusive golf clubs in the Philippines.

It is no secret among the close associates of the family that the heirs want to move out of the Philippines and settle in the United States to enjoy their blessings. Thus, they have recently sold their shares in Manila Golf and Country Club, Wack Wack Golf Country Club and Alabang Golf and Country Club. The heirs also sold some units in Pacific Plaza Towers along Ayala Avenue in Makati.

But the grapevine said the children of the patriarch, who passed away recently, had opted to keep their membership shares in the posh Manila Polo Club, where they are comfortable on horseback driving a wooden ball with a long-handled mallet.

A source, meanwhile, clarified that the heirs were not selling their entire interest in the listed food company. They plan to sell shares equivalent to just 30 percent of the company. The grapevine said the family had been in touch with local and foreign investment bankers to handle the sale of their interest.

The family through a holding company owns over 50 percent of the food concern’s total issued and outstanding capital stock. Official documents show the holding company is based in Menlo Park, California and list the citizenship of the owner as American.

The siblings who inherited the company do not seem to share the passion of their deceased father, who founded the company in the 90’s through a spin-off that eventually led to its listing in the stock market.

One of the children, who is a sort of sports celebrity, has made his intentions clear to move his own family to the US. He became the chief executive when his father stepped down in 2007, before the patriarch died.

The father was instrumental in making the food brand famous and a household name in the local industry for over 30 years. That is not surprising—the father had good training in another major food-related company based in Cebu City before spinning off the now-listed firm, and earned a Bachelor of Science in Industrial Engineering degree from Stanford University.

The company is profitable but the bottom line declined in the first six months of the year because of lower consumer spending. The company’s fortunes are often mirrored by the accomplishments of its once-popular sports team in a game much loved by the Filipinos. The team lately has lost its spark and its long-time coach, and is now languishing at the bottom of the standings of a current tournament.

The grapevine, meanwhile, said a big multinational food company may take interest in the listed firm. But a source said it was too early to tell if the foreign company would make an overture to the selling family.

Ongpin reminder

Investment banker and former trade and industry minister Roberto V. Ongpin, or RVO, finally faced his detractors at the Senate. There’s actually nothing new about what the spunky businessman told inquisitive senators. It’s a different matter, however, if some senators continue to stick to their own understanding of economics and their version of how the financial market behaves.

But Ongpin reminded lawmakers that he was instrumental in bringing in big investments in the past. Says Ongpin: “The fact is the largest deals were during the time of President Cory Aquino when I was finally able to convince Robert Kuok [of the Shangri-La hotel chain] to invest in the Philippines. I believe that Mr. Kuok, who is one of my closest friends, is the largest single investor in this country today when one considers the present market value of his investments.”

“I continued to make investment banking deals under every president after President Cory. I made investment banking deals during the term of President [Fidel Ramos], under President [Estrada] and of course under President [Arroyo]. None of these deals involved any irregularities, nor the need for any ‘behest,’ and all these deals brought substantial contribution to the Philippine economy and provided employment to many thousands of our countrymen.”

E-mail: rayenano@yahoo.com;
extrastory2000@yahoo.com