First PH Holdings sells Rockwell Land stake to Gabby Lopez firm

MANILA – First Philippine Holdings Corp (FPH) has approved the full divestment of its 90.74-percent controlling stake in property developer Rockwell Land Corp for P15.9 billion, the company disclosed to the stock exchange on Friday.

The buyer, Crème Investment Corp, is a family holding firm representing the branch of the Lopez family descended from Eugenio “Geny” Lopez Jr, FPH said in a disclosure to the Securities and Exchange Commission. Crème is headed by Eugenio “Gabby” Lopez III.

FPH’s board cleared the transaction on Thursday, while Rockwell Land reported the deal on Friday.

FPH will sell P5.3 billion common shares at P3 apiece for P15.89 billion, alongside P2.75 billion preferred shares at P0.01 each for P27.5 million, for a total consideration of P15.92 billion.

FPH said the price was based on an independent valuation by BDO Capital & Investment Corp, with guidance from its independent directors and external legal counsel.

Completion remains subject to definitive agreements, clearance from the Philippine Competition Commission, and a mandatory tender offer by Crème to Rockwell Land’s remaining shareholders under the Securities Regulation Code.

At the same board meeting, FPH elected Social Security System president and CEO Victor Alfonso Limlingan Jr as a director to replace Diana Pardo-Aguilar, who resigned last month.

Rockwell earlier reported a 41 percent surge in total consolidated revenues to P13.5 billion for the first half of 2026, up from P9.6 billion last year. Consolidated net income jumped 46 percent to P3.03 billion, while net income attributable to the Parent Company rose 42 percent to P2.7 billion from the same period last year.

In August this year, Crème announced it had sold its 25.7 percent stake in Lopez, Inc., the holding company of the Lopez Group, to businessman Ramon S. Ang.