Finished before it started? Pagcorp sale update

Asian food and beverage exec's bid for PAGCORP could be finished before it has begun

Earlier this week Raymond Ang, a senior executive with the San Miguel food and beverage group, intimated in a press interview that, acting independently he would be putting together a consortium to make a $10 billion offer for the state-owned Philippines gambling group PAGCORP, but events since then indicate that he may have been a touch optimistic in his planning.

Ang named as possible partners Malaysian tycoons Robert Kuok, Ananda Krishnan and Francis Yeoh, but it appeares that there is little appetite for the venture.

The story is attracting widespread press attention in Malaysia, with Yeoh's special assistant, Sylvia Chew, telling reporters that her chief has been "completely taken aback" by the story and is not too happy about his alleged involvement.

“He does not know Ramon Ang nor has he ever spoken to the individual," said Ms. Chew. "YTL [Yeoh's business group] does not participate in the gaming industry, and this will continue to be the case.”

Kuok was similarly unimpressed, telling enquiring journalists that neither himself or his family or their companies have any intention of investing in the gaming industry.

Krishnan’s representative didn’t answer calls or e-mails seeking comment.

Ang remained unperturbed by the growing furore, saying: “If they don’t join, many others will. I’m very sure of that.”

However, to date there has been no formal offer following up on Ang's boast of August 9th.

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