If mining magnate Salvador “Buddy” Zamora were serious in acquiring the 31.2% share of Benjamin Bitanga’s Dolphin Fire Group in Rappler, then he would wrest management control over Rappler Holdings Corp. (RHC) and eventually have a say on the content of the online media site despised by ex-President Rodrigo Duterte.
Benjamin Bitanga himself is no stranger to corporate battles, having figured in the 1997 battle with the Potenciano family for control of BLTB, a bus company that traditionally served Southern Luzon routes. Bitanga lost in his bid to take over BLTB after his purchase of 47.98% of the shares owned by the Potencianos was not recorded in the books of the company, with the Supreme Court (SC) decision on the matter rendered on Sept. 19, 2005.
Many are questioning the significant equity of Bitanga in Rappler, which prides itself as editorially independent and not beholden to any special interest group. Well, Bitanga represents vested interests like Zamora and both are neck deep into gold and copper mining and exporting metals to China. Bitanga established MacroAsia Corp. as an airline catering service in 1993 after heading Asian Appraisal Co. in 1990. He prides himself in establishing a 350-hectare property in Cebu into an export processing zone and brags that he transformed MRC Allied from a real estate company into a key player in the mining industry.
Buddy Zamora is Bitanga’s pal at MRC Allied and the interests of both men are intertwined, whether it concerns backing presidential candidates and supporting whoever is in power. Zamora belongs to a very political family and he is the brother of Ronnie Zamora, once Ferdinand Marcos Sr.’s executive security and congressman of San Juan. MRC Allied has reported that its board of directors had approved the acquisition of the Bitanga family’s 31.2% stake in RHC through a share swap. This purchase makes MRC the biggest shareholder of RHC barely a year before the midterm elections in May 2025.
Bitanga’s holdings in RHC are in the name of Bitstar Prime, a corporate vehicle that Bitanga wanted to spearhead his foray into the information and communication technology business. MRC will utilize either its available authorized capital stocks or subscribed capital stock as a consideration for the RHC shares. Both companies will secure third-party valuation of the shares through an auditing firm or financial advisor which will be the basis of the purchase price.
Zamora had been involved in political campaigns in several election cycles, promoting one candidate tagged as a “factory defect,” while another one could hardly connect with voters despite his closeness to a sitting president. Despite essaying the role of treasurer to some candidates, Zamora has failed to get any of his candidates to win the most precious post- the presidency.
That may change in 2028 as he is investing in RHC in 2024 and has more than ample time to transform Rappler into a political and business online outlet and attract more players in 2025 elections to use online journalism to promote themselves, taking into consideration how social media was used intensively by the Marcoses to take over Malacanang anew despite widespread allegations of digital fraud.
With voter remorse now plainly seen via the usual surveys, Zamora’s control of Rappler would be a plus for his business empire. Here is a chance for him to become a most sought-after political strategist and fund-raiser all rolled into one. But then, how would the Rappler guys feel when the online outlet gets tweaked? Editorial independence, after all, is priceless. (DEO MAGNO)