The shares were granted to Top Frontier via an Option Agreement to purchase in 2009. However, TF decided to only partially exercise the option.
“Mr. Cojuangco offered the balance of the Option shares to me and I accepted primarily for the following reasons: the San Miguel vision set by management during my term is far from being achieved, and; I have a continuing commitment to ECJ, the company’s stakeholders and the employees to see through the realization of this vision in the near future,” Ang said..... MORE
Source: The Daily Tribune
URL: http://www.tribune.net.ph/index.php/headlines/item/915-danding-cojuangco-sells-stake-to-ang-on-%E2%80%98friendly-terms%E2%80%99
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