Danding Cojuangco stays as CEO of San Miguel
MANILA, Philippines - Influential businessman Eduardo "Danding" Cojuangco Jr. will remain at the helm of diversifying conglomerate San Miguel Corp.
The 74-year old Cojuangco who is selling his stake in the food-to-power conglomerate in the next two years, was voted as chairman and chief executive officer of San Miguel for another term in the annual stockholders' meeting on Monday.
About 44 companies affiliated with Cojuangco had earlier provided Top Frontier Holdings Corp., a company which owns 47% of San Miguel, an exclusive option to acquire 493,375,183 common shares in San Miguel until November 19, 2012 at P75 per share.
Cojuangco presided over the the company's meeting for the first time since San Miguel entered into such an agreement with Top Frontier.
In his speech, Cojuangco said San Miguel will continue to be aggressive with its expansion plans after a robust year in 2009.
"We into 2010, we continue to build on this performance. Our commitment to create value -- whether through organic growth, acquisitions, or new businesses -- is constant," Cojuangco said.
"Having spent the last decade transforming ourselves into a more efficient and profitable company, our growth plans are as aggressive as ever, encompassing new industries."
Currently, San Miguel's investment portfolio includes banking, energy, power, telecommunications, infrastructure, and mining sectors.
"From both financial and portfolio standpoint, your company is stronger than at anytime in its 120-year history," Cojuangco said.
Company shareholders on Monday approved management's plan to sell down more than 51% of the company's stake in its core businesses.
The move is consistent with San Miguel's broad strategy of diversifying further into high-growth industries.
San Miguel is currently negotiating the sale of its stake in food and packaging businesses.
San Miguel President Ramon Ang said he expects the company's net income to match, if not exceed, the company's 2009 performance.
In 2009, San Miguel's net income grew by a hefty 199% from the year before at P57.8 billion.