By Alena Mae S. Flores

SAN Miguel Corp. has taken effective management control of Petron, the country’s biggest oil refinery and petroleum dealer.

In a disclosure to the Philippine Stock Exchange yesterday, Petron reported that San Miguel president Ramon Ang had been elected chairman and chief executive, replacing Nicasio Alcantara who will continue to serve as director.

San Miguel chairman and chief executive Eduardo Cojuangco Jr. was also elected to the Petron board, along with his counsel, Marcos-era Justice Secretary Estelito Mendoza.

Angelico Salud, a former president of the National Home Mortgage Finance Corp., was elected independent director.

Petron said Eric Recto, nephew of Cojuangco ally and Petron director Roberto Ongpin, would continue to serve as president.

Two new positions were also created: chief finance officer, for Emmanuel Erana, and general manager for Lubin Nepomuceno.

The rest of the members of the Petron board are Bernardino Abes, Ron Haddock (representing the Ashmore Group like Ongpin), and former Budget Secretary Emilia Boncodin.

The San Miguel entry came amid a disclosure from the country’s largest food, packaging and beverage complex that it had committed to pay the Ashmore Group $10 million as “consideration under the option agreement” to acquire slightly over 50 percent of Petron.

Under their Dec. 24, 2008 agreement, Ashmore extended to the Cojuangco group a two-year option to acquire Ashmore’s entire 90.17-percent shareholdings in Petron.

Petron aside, San Miguel has also just acquired a 27-percent interest in Manila Electric Co. and another significant interest in the bankrupt Liberty Telecom in partnership with Qatar Telecom.

Despite having cashed nearly P100 billion after disposing of its Australian subsidiaries National Foods and J. Boag and Son in September, San Miguel said it was still planning to raise at least $1 billion through a preferred share offering this year to finance its diversification program.