Gokongwei gives away P10.25B to education

By Vic AgustinInquirer
Last updated 02:23am (Mla time) 08/13/2006
Published on page A1 of the August 13, 2006 issue of the Philippine Daily Inquirer

TAIPAN John Gokongwei Jr. marked his 80th birthday on Friday by donating an unprecedented P10.25 billion to education and other causes.

Gokongwei surprised his children and business associates by announcing that he would donate his entire personal shareholdings in JG Summit Holdings—equivalent to 25 percent of the listed conglomerate, or about P10.25 billion—to charity.
“Life has been good to me,” Gokongwei told over 1,000 business associates and friends who packed the Gokongwei-owned Crowne Plaza hotel in Ortigas. “I want to give back the blessings that I have received.”
Gokongwei and his wife, Elizabeth, control half of JG Summit, which had a market capitalization of P41.46 billion as of Friday.
The taipan’s conjugal half would accrete to the Gokongwei Brothers Foundation, which already owns 16.61 percent of JG Summit.
Gokongwei said the considerable paperwork for the transfer would take at least two weeks.

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