Why Gabby Lopez wants Rockwell as ABS-CBN struggles

Detailed summary

Three months after leaving Lopez Inc., Gabby Lopez’s new game plan is clear

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When Eugenio “Gabby” Lopez III sold his family’s shares in the main Lopez holding company in August, he said the move would allow his family to “channel our family’s resources into businesses aligned with our personal mission,” adding that more announcements would come in due time.

Three months later, his new game plan is clear. It centers on two companies that serve everyday Filipinos: ABS-CBN and Rockwell Land.

On Thursday, November 12, First Philippine Holdings Corporation (FPH), led by Gabby’s cousin, Federico “Piki” Lopez, agreed to sell its 90.74% voting stake in Rockwell Land. The buyer is Gabby’s and his siblings’ private firm, Crème Investment Corporation, and the price tag is P15.92 billion.

This completes a 94-day asset swap that began on August 10. Back then, Crème sold its 25.68% share in Lopez Inc. to San Miguel boss Ramon S. Ang for about P11 billion. Lopez Inc. was originally built as the untouchable top holding company meant to protect the family empire from outside takeovers. (READ: The secret to the Lopez family’s enduring control of ABS-CBN)

For decades, Rockwell Land has been the Lopez Group’s luxury lifestyle and consumer jewel. Started in 1995 on the site of an old Meralco power plant in Makati, Rockwell turned an industrial lot into Rockwell Center, which is now home to Power Plant Mall, high-end condos, serviced apartments, and offices.

This focus on everyday consumers is a natural fit for Gabby who spent his career in TV, entertainment, and public-facing brands. Just two days after the August sale, Gabby and his cousins pledged P2.2 billion of their own money to help rebuild ABS-CBN. He explained why: “ABS-CBN has been part of this family for generations. The mission our family set out to pursue remains the heartbeat of this family—to be in the service of the Filipino. We are putting our own money behind this conviction.” (READ: Gabby Lopez: Man on a mission)

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