Part 1 | The Lopez heirs who ran Rockwell but never controlled it
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.