Gabby Lopez-led firm to acquire FPH’s P15.9B Rockwell Land stake

Gabby Lopez-led firm to acquire FPH’s P15.9B Rockwell Land stakeFirst Philippine Holdings Corp. (FPH) has approved the sale of its 90.74% controlling stake in property developer Rockwell Land Corp. to Crème Investment Corp., a firm headed by Eugenio “Gabby” Lopez III, for approximately P15.9 billion.

In a disclosure to the stock exchange on 13 November, FPH said the transaction covers 5.296 billion common shares priced at P3 each, amounting to P15.89 billion, and 2.75 billion preferred shares valued at P0.01 each, or P27.5 million. The total consideration is P15.916 billion.

Crème is a family holding firm representing the branch of the Lopez family descended from Eugenio “Geny” Lopez Jr. The transaction price was based on an independent valuation by BDO Capital & Investment Corp., with guidance from FPH’s independent directors and external legal counsel.

The proposed sale remains subject to the execution of definitive agreements and the fulfillment of conditions, including approval from the Philippine Competition Commission. Crème must also conduct a mandatory tender offer to Rockwell Land’s remaining shareholders under the Securities Regulation Code.

The deal comes as Rockwell Land reported stronger financial results in the first half of 2026. Its consolidated revenues rose 41% to P13.5 billion from P9.6 billion a year earlier, while consolidated net income increased 46% to P3.03 billion. Net income attributable to the parent company climbed 42% to P2.7 billion.

Crème’s acquisition also follows its sale in August of its 25.7% stake in Lopez Inc., the holding company of the Lopez Group, to businessman Ramon S. Ang.

In a separate board action, FPH elected Social Security System president and chief executive officer Victor Alfonso A. Limlingan Jr. as a director, filling the vacancy left by Diana Pardo-Aguilar, who resigned on 6 October 2026.