The Lopez family, who own the largest TV broadcast company and the largest private power distributor in the Philippines, is moving from highly regulated businesses into new sectors and new markets, the
Financial Times
reported.
The family’s stake in Manila Electric Co. (Meralco), the electricity distributor, is now 3.9%, down from 33%, the article said. Its Energy Development Co., which it recently acquired, is seeking geothermal exploration rights in Indonesia, Chile and Peru, and its ABS-CBN Broadcasting Corp., is evolving from a content producer into a provider of wireless and broadband service.
Founder Eugenio Lopez Sr. began with holdings in sugar haciendas and other local businesses and grew the company into a major electric utility and media company by the early 1960s, the
FT
report noted.
Eugenio Lopez Jr. was imprisoned by President Ferdinand Marcos in 1972 and escaped in 1977. He returned after Marcos was overthrown in 1986 and along with his brothers rebuilt the family enterprise, which had largely been taken over by the Marcos government. He died in 1999; his brothers Oscar, 83, and Manuel, 71, are now chairman emeritus and chairman, respectively, of holding company Lopez Holdings Corp., the
FT
article said.
Two members of the third generation were educated in the U.S. and have top posts in the company. Eugenio III, 61, is vice president of Lopez Holdings and in line to succeed Manuel. Federico 52, who is Oscar’s son, is chairman of First Philippine Holdings, the energy and infrastructure arm, the
FT
report noted. Non-family executives are running operations at ABS-CBN Broadcasting, First Philippine Holdings and Lopez Holdings, the article said. (Source:
Financial Times,
Sept. 23, 2013.)
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