TWO members of Ortigas clan are questioning the validity of the transfer of a nearly 40 percent stake in their holding company to property developer SM Prime Holdings Inc., a subsidiary of the Henry Sy-led conglomerate SM Investments Corp. (SMIC), in 2015. Sisters Michelle and Francesca Litton Ortigas told The Manila Times that the transfer of the said stake OCLP Holdings Inc. (OHI) from the Ortigas group to SM Prime lacked a valid notice of offer as required under the agreement signed among OHI shareholders in 2010, thus making the entire transaction invalid. The Litton-Ortigas sisters said they never authorized the sale of OHI shares to SM Prime. According to regulatory filings, the SM Group shelled out some P15 billion to acquire nearly 40 percent of the Ortigas clan holding company. The sisters had instituted an intestate case for the administration and settlement of the estate of their grandmother, Remedios Miranda Ortigas.

Source: Manila Times February 12, 2018 16:07 UTC