THE STOCK market run-up to record highs has lifted all boats but there’s one particular group that recently set a new milestone by becoming the first in the Philippines to hit P1 trillion in aggregate market capitalization. Living up to the acronym of its Filipino leader, the group which has expanded through a series of large corporate deals since the 1990s now single-handedly controls more than a tenth of wealth in the local equities market.
We’re talking about Manuel V. Pangilinan (MVP)-led First Pacific group, which has a collection of much-coveted Philippine crown jewels, the most valuable of which is Philippine Long Distance Telephone Co. with a market capitalization of P489.8 billion as of Tuesday’s market close. Other affiliates are currently valued by the market as follows: Manila Electric Co. (P243.5 billion), PLDT Communications and Energy Venture or formerly Pilipino Telephone Corp. (P91.1 billion); Philex Mining Corp. (P73.2 billion), Metro Pacific Investments Corp. (P76.5 billion) and Metro Pacific Tollways Corp. (P42.3 billion).
Hong Kong-based regional conglomerate First Pacific Co. Ltd., which has about 80 percent of its portfolio invested in the Philippines, has refocused its local businesses toward infrastructure-building, which is undoubtedly among what this country badly needs to work on to catch up with the rest of the dynamic Asian region.
Of course, the share of publicly listed wealth attributable to First Pacific relative to large Philippine conglomerates like Ayala, SM and Gokongwei group is another matter as MVP’s group does not own a majority (though nevertheless holds the controlling) economic interest in blue chips PLDT, Meralco and Philex. Doris C. Dumlao
No comments:
Post a Comment