New BFF?

Biz Buzz

By the staff
Philippine Daily Inquirer

As the group of businessman Roberto V. Ongpin parts ways with London-based Ashmore group, several prominent names in the region have cropped up as potential new strategic partners in property firm Alphaland Corp.

One of those who have expressed interest to pick up Ashmore’s stake in Alphaland, several sources said, was Malaysian telecom tycoon Ananda Krishnan or A.K.

Forbes magazine estimates A.K.’s net worth at $11.7 billion as of March 2013, making him the second wealthiest man in Malaysia, next to property tycoon Robert Kuok, and among the richest in the whole of Southeast Asia.

One source privy to RVO’s affairs said A.K. had “expressed interest.”  The source refuted rumors that UK regulators had given Ashmore only until the end of this month to unload its stake in Alphaland (in relation to the DBP case), explaining that RVO was “not in a rush” as the group would have to pick one strategic partner who would stay for the long haul.

Another source said that A.K. had been doing a due diligence audit of Alphaland. Kuok himself was also among those eyed to fill the void to be created by Ashmore along with San Miguel Corp. president Ramon S. Ang but both reportedly had “politely declined.”

As the overhang on its shares lingers with a key shareholder on the way out, Alphaland’s search for a new BFF (best friend forever) is intensifying and the potential alphabetical fit is but a coincidence. Doris C. Dumlao

New BFF?