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Article: Gokongwei turns empire over to children, brothers; Donates P50 M to alma mater USC.(Business News)
- Article from:
- Manila Bulletin
- Article date:
- August 14, 2006
CopyrightCOPYRIGHT 2006 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: EDU H. LOPEZ
After 80 years of building his business empire, John Gokongwei, Jr., founder and chairman emeritus of JG Summit Holdings, Inc., has finally bowed out of the corporate world and passed on the business to his six children and brothers.
During his 80th birthday celebration last Friday at Crowne Plaza Hotel in Ortigas, which was attended by top business executives, partners, friends, and business associates, Mr. John decided to donate half of his shareholdings in JG Summit Holdings to the Gokongwei Brothers Foundation.
He also announced a donation of P50 million to his alma mater, the University of San Carlos in Cebu City.
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