San Miguel Corp said Friday its chairman Eduardo Cojuangco has sold an 11 percent stake in the firm to company president Ramon Ang but he will retain his post in the top Philippine conglomerate.
Cojuangco, who is also the chief executive of San Miguel and a relative of Philippine President Benigno Aquino, sold the stake on what the $6.44 billion company described as "friendly terms".
The company disclosed no other details but people familiar with the transaction said the 493.4 million shares changed hands at a discounted price of 75 pesos ($1.77) a share. San Miguel shares closed at 114 pesos on Friday.
"There is no other person deserving of this opportunity to control a significant stake in the company that is so close to my heart than Ramon," Cojuangco said in the statement, adding that he intends to continue in his role.
The statement did not say how much of a stake Cojuangco currently owns in the firm.
"Mr Cojuangco offered the... shares to me and I accepted," Ang, 58, said in the statement.
"The San Miguel vision set by management during my term is far from being achieved, and I have a continuing commitment to (Cojuangco), the company's stakeholders and the employees to see through the realisation of this vision."
Cojuangco had named Ang as president in 2002, putting him in charge of re-inventing the 122-year-old brewer into a highly-diversified conglomerate.
The group now has key stakes in the country's power, oil, infrastructure, mining, telecommunications, and aviation industries, including a 49-percent interest in flag-carrier Philippine Airlines acquired earlier this year.
San Miguel said it expects annual group revenues to rise to about $23.6 billion by next year.