BUSINESS

JG Summit reshuffles 37B Oriental Petroleum shares

In a disclosure to the Philippine Stock Exchange, the Gokongwei-led conglomerate said its board approved the acquisition of 37,051,952,896 OPMC common shares held by JG Summit Capital Services Corp. The proposed acquisition is intended to consolidate JGS’s investment in OPMC at the parent level.

Maria Bernadette Romero · Oct 23, 2026, 11:37 PM

JG Summit Holdings, Inc. is consolidating its roughly 20 percent stake in Oriental Petroleum and Minerals Corporation directly under the parent company. JG Summit approved the acquisition of 37,051,952,896 common shares (comprising 8,396,391,875 Class A shares and 28,655,561,021 Class B shares) from its wholly-owned subsidiary, JG Summit Capital Services Company. The transaction is valued at approximately P519 million.

JG Summit Holdings Inc. is reshuffling its ownership structure in listed Oriental Petroleum and Minerals Corp. (OPMC), transferring more than 37 billion shares from its wholly-owned subsidiary directly to the parent company.

In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, the Gokongwei-led conglomerate said its board approved the acquisition of 37,051,952,896 OPMC common shares held by JG Summit Capital Services Corp. (JGSCSC) on 22 October.

The shares comprise 8.4 billion OPM “A” shares and 28.66 billion OPM “B” shares as of 30 September 2026.

“The proposed acquisition is intended to consolidate JGS’s investment in OPMC at the parent level,” the company said in its disclosure.

The transaction will be carried out through a cross-block sale on the PSE, targeted for completion on 26 October, subject to applicable regulations and approved terms.

Acquisition price

JG Summit said the acquisition price will be based on OPMC’s 30-day volume-weighted average price, calculated through the close of trading on 23 October.

The final price per share and total transaction value will be determined once the pricing period ends.

The restructuring will shift direct ownership of the OPMC shares from JGSCSC to JG Summit, keeping the investment within the conglomerate while consolidating it at the parent-company level.