MANILA, Philippines - San Miguel Corp. president and chief operating officer Ramon Ang clarified yesterday that he has not yet invited any group to be his partners in his plan to acquire the state-run Philippine Amusement and Gaming Corp. (Pagcor).
“I have not invited anybody yet,” Ang said in a text message to The STAR, pointing out that he is “waiting for government to set the bidding date and the rules.”
This was in reaction to statements issued by Malaysian tycoons Robert Kuok and Francis Yeoh that they have no intentions to bid for Pagcor.
Ang reportedly said these two companies could be interested to make a joint offer for the state-run gambling agency, which he valued at $10 billion.
Yeoh is managing director of YTL Corp., Malaysia’s biggest builder, while Kuok is one of the richest men in Malaysia with an estimated net worth of $14.5 billion. The Kuok Group has interests in shipping, real estate, media, sugar and oil palm plantations.
When asked whether he was open to inviting local groups as well, Ang said he would rather wait for the release of the bidding rules before he could determine whom to get as his partners.
Ang has been included in the influential Wall Street Journal’s elite “power list” who made headlines in 2009 in select global and regional media. He joined legendary American investor and philanthropist Warren Buffet and leaders of some of Asia’s top corporations. He is the only Filipino businessman that made it to the list.
Ang has been credited with initiating San Miguel’s aggressive push into banking, oil, power, telecommunications, and toll roads, further broadening the food and beverage conglomerate’s presence across industries.
The San Miguel executive said the privatization of Pagcor would help the government plug a yawning budget deficit and transform the country into a “tiger economy.”
Pagcor registered P30.3 billion in gross revenue last year, contributing P12.2 billion to the government in franchise taxes and income share.
The Philippines is seeking to become Asia’s next big gambling destination with the planned Bagong Nayong Entertainment City along Roxas Boulevard.
President Aquino said on Monday that his government would study the possibility of selling the state-run gambling agency.
Belle Corp. vice chair and Pacific Online Systems Corp. president Willy Ocier had also expressed interest to acquire Pagcor once the firm is officially put on the auction block for privatization.