Betty Ang makes the Philippines' richest list for the 11th straight year and yet

remains a most elusive, mysterious tycoon.

Listed as president of powerhouse Monde Nissin, the nation's top biscuit and
noodle maker, she and her staff do not respond to emails or phone calls, and the
company website makes no mention of her or its nine-member board of directors.
Even basic information about her is uncertain, such as her age.

This year, based on new information that her husband owns a stake, Forbes
Asia is combining the value of her and her husband's stakes, as we normally do
for spouses, giving the couple an estimated fortune of $880 million and ranking
them as the Philippines' 20th richest.

The privately held Manila-based company is actually owned mainly by her

husband's extended Indonesian family, according to its 2015 filing with the
Philippines' Securities & Exchange Commission. The family also owns Khong
Guan Biscuit Factory Indonesia--a similarly veiled operation.

Boom in the food industry

Monde Nissin's Indonesian shareholders own a combined 70.6% stake, with Ang
and other Filipinos owning the rest; she holds 24.85%. Forbes Asia values private
companies by comparing them with similar listed companies.

With the country's food industry booming over the past decade, the rising value
of that stake propelled her wealth from an estimated $100 million in 2007 to
$905 million in 2015 and $800 million last year. The company hasn't filed its
2016 report yet, but in 2015 it boosted net income by 33% over the previous year
to $105 million, and revenue climbed by 30% over the same period to $985
million.

What we know about the board

Leading the Monde Nissin board is chairman Hartono Kweefanus, with a 28%
stake. A brother, vice chairman Hoediono Kweefanus, is Ang's husband and owns
3.1%; the two have six children. Among the 12 other shareholders are Hartono
and Hoediono's three female relatives, likely their sisters, who own a combined
12.5%, and chief executive Henry Soesanto, owner of 13.8%. He's a family
member by marriage.

As for Khong Guan Indonesia, the same Indonesian family members are listed on
the boards of its various units, but with the addition of the company's founder--
Hartono and Hoediono's father, Hidayat Darmono, also known as Kwee Boen
Twie.
A listing could solve the mystery

Monde Nissin is expanding at home and abroad, so it's worth keeping a weather
eye on the group. Last year, it joined with Indonesian food producer Nippon
Indosari Corpindo to launch Sarimonde Foods; in 2015, it acquired the U.K.'s
Quorn, a meat-alternative outfit, and teamed up with Thai juice maker Malee
Sampran to launch Monde Malee Beverage.

With plans to become a globally diversified player, Monde Nissin has been
contemplating an initial public offering since 2015, originally planning to raise
$300 million to $500 million. If the listing happens, much of the mystery
surrounding Ang and the company may finally be solved.

https://www.forbes.com/sites/forbesasia/2017/08/23/meet-one-of-asias-most-mysterious-tycoons-
betty-ang-of-the-philippines/

When business magazine Forbes Asia published its 2017 list of the Philippines’ 50
richest people in its September issue, it had a special feature on one of the list's veteran
names: Betty Ang, the president of food manufacturing firm Monde Nissin Corp. But the
feature was not about a recent company event or acquisition; rather, it focused on how
there is little-to-no publicly available information on the tycoon.

Ang, who comes in as the 20th richest Filipino this year with a net worth of $880 million,
is one of the lesser-known names in the exclusive list. A quick look at Monde Nissin’s
company website does not say anything about her or any of its board of directors. On
the Forbes website, she is one of the few Filipino tycoons who does not have a photo on
her profile page. “Even basic information about her is uncertain, such as her age,” said
Jane A. Peterson in the feature, aptly titled “Shrouded in Secrecy”.

Indeed, most of what is publicly known about her comes from Monde Nissin’s filings
with the Securities and Exchange Commission (SEC). Its latest general information
statement shows that Ang owns 24.85 percent of the company, making her the second
largest shareholder. The largest stake belongs to Indonesian businessman Hartono
Kweefanus, the chairman of the board who owns 27.95 percent of the shares.

Forbes Asia reported that Kweefanus is the brother of Ang’s husband, Hoediono
Kweefanus, who owns 3.1 percent of Monde Nissin. More than 70 percent of the
company’s shares belong to Indonesian stockholders.

According to Forbes Asia, the Kweefanus family is also the owner of Khong Guan
Biscuit Factory Indonesia, an Indonesian food manufacturing firm established in 1970.
A 2007 article on Indonesia’s biscuit industry described Khong Guan as the dominant
player in the country’s canned biscuits market.
Despite the lack of information on Betty Ang and her family, it’s not surprising she has
made it to the Forbes’ Philippines’ 50 richest list since 2006, when the US magazine
reported her net worth at only $115 million.

Based on data from BusinessWorld’s Top 1000 Corporations in the Philippinesas well as
the company’s filings with SEC, the parent company more than tripled its revenue from
Php11.8 billion in 2003 to Php35.2 billion in 2015 while quadrupling its net income from
Php1 billion to Php4 billion over the same period. Based on its latest revenue figures,
Monde Nissin would easily be among the country’s 50 biggest corporations in the
country. (The company was not included in that year’s list as the SEC did not have its
financials available when BusinessWorld was compiling the list.)
Sales growth is driven by the company’s portfolio of well-known brands, the biggest of
which is the Lucky Me! brand of instant noodles. That and its Nissin wafer brand were
two of the few local names included in marketing firm Campaign Asia’s list of the 100
most recognizable brands in the Philippines. Monde Nissin also owns the cracker brand
SkyFlakes and cookie brand Fita through subsidiary Monde M.Y. San Corp, which it
acquired in 2002.

As well, Monde Nissin has made several acquisitions and partnerships in the last few
years. In 2015, it acquired UK-based meat alternatives producer Quorn and Australian
food brands Menora and Black Swan. In 2016, it established a joint venture with
Indonesian bread firm Nippon Indosari to launch Sarimonde Foods, which distributes
packaged bread in the Philippines. On its company website, Monde Nissin claims to have
a presence in over 30 countries.

In 2015, the company was planning an initial public offering (IPO) worth between $300
million and $500 million, but had reportedly put it on hold. A story from The Philippine
Star dated January 26, 2017 said that it would push through with the IPO this year, but
nothing has been reported about it since then
https://www.entrepreneur.com.ph/news-and-events/wealthy-but-secretive-family-behind-lucky-me-
noodles-runs-a-profitable-food-empire-a00200-20171006