Pangilinan willing to divest stake in Philippine Daily Inquirer
Tycoon Manuel V. Pangilinan said he is will divest his stake in Philippine Daily Inquirer if the price is right.
"If there's an offer to buy our stake at an acceptable price, we are willing to divest," Pangilinan said in a statement Tuesday.
Pangilinan's statement came after Ramon Ang, president and chief operating officer of San Miguel, said he is in talks to acquire 85 percent stake in the Inquirer from the Prieto family.
Pangilinan owns 15 percent of Inquirer.
The MVP Group has also interests in Philippine Star, Business World, Nation Broadcasting Corp., TV5 and Unitel Group.
Ang had said he accepted the offer of the Prieto family to invest in Inquirer Group.
"I am looking forward to be part of this venerable institution and work with men and women who made it what it is now” Ang said.
Inquirer Group chair Marixi Prieto said the family’s decision to divest from the Inquirer after 25 years was a strategic move to maximize its growth opportunities.
“The family is confident that Mr. Ang will uphold the Inquirer Group’s commitment to pursuing the highest standards of journalism,” Prieto said.
“His investments and business expertise will unlock added value in the Inquirer Group’s newspaper publication, internet communications, social media, corporate skills training, radio broadcasting and logistics delivery,” Prieto said. DMS
