First Pacific (HKEx: 142, ADRs: FPAFY) is a Hong Kong-based investment management and holding company with operations located in Asia-Pacific. Our principal business interests relate to consumer food products, infrastructure, natural resources and telecommunications.
Within these sectors, our mission is to unlock value in our investee companies by:
- Delivering dividend/distribution returns to shareholders;
- Delivering share price/value appreciation of First Pacifi c and the investee companies; and
- Making further investment in our businesses.
Our investment criteria are clear:
- Investments must be related to our areas of expertise and experience (telecommunications, consumer food products, infrastructure and natural resources);
- Investee companies must have a strong or dominant market position in their sectors;
- They must possess the potential for significant cash flows; and
- We must obtain management control or signifi cant infl uence to ensure our
goals can be met.
Our strategies are threefold:
- Identify undervalued or underperforming assets with strong growth potential and possible synergies;
- Manage investments by setting strategic direction, developing business plans and defi ning targets; and
- Raise standards to world-class levels at the investee companies.
First Pacific portfolio has a balance of more mature assets in PT Indofood Sukses Makmur Tbk (“Indofood”) and PLDT Inc. (“PLDT”) which deliver steady dividend flows allowing investment for growth in Metro Pacific Investments Corporation (“MPIC”), Goodman Fielder Pty Limited (“Goodman Fielder”), Philex Mining Corporation (“Philex”), PacificLight Power Pte. Ltd. (“PLP”) and Roxas Holdings, Inc. (“RHI”). Indofood is the largest vertically integrated food company in Indonesia and PLDT is the dominant telecommunications provider in the Philippines. MPIC is the Philippines’ largest infrastructure investment management and holding company with investments in the Philippines’ largest electricity distributor, toll road operator, water distributor, hospital group and rail, as well as the largest electricity generator in the Visayas region of the Philippines. Goodman Fielder is a leading food company in Australasia. Philex is one of the largest metal mining companies in the Philippines, producing gold, copper and silver. PLP is the operator of one of Singapore’s most efficient gas-fired power plants and RHI runs an integrated sugar and ethanol businesses in the Philippines.
Listed in Hong Kong, First Pacific’s shares are also available for trading in the United States through American Depositary Receipts.
As at 28 March 2017, First Pacific’s economic interest in Indofood is 50.1%, in PLDT 25.6%, in MPIC 42.0%, in FPW Singapore Holdings Pte. Ltd. (“FPW”) 50.0%, in Philex 31.2%(1), in FMP Power Holdings Limited (“FPM Power”) 67.8%(2) and in FP Natural Resources Limited (“FP Natural Resources”) 79.4%(3).
|(1)||Two Rivers Pacific Holdings Corporation (“Two Rivers”), a Philippine affiliate of First Pacific, holds additional 15.0% and 7.7% economic interests in Philex and PXP Energy Corporation (“PXP”), respectively.|
|(2)||Includes a 7.8% effective economic interest in FPM Power held by First Pacific through its indirect interests in Manila Electric Company (“Meralco”).|
|(3)||Includes a 9.4% effective economic interest in FP Natural Resources held by First Pacific through its indirect interests in Indofood Agri Resources Ltd. (“IndoAgri”). FP Natural Resources holds 26.8% in RHI, and its Philippine affiliate First Agri Holdings Corporation (“FAHC”) holds an additional 32.9% economic interest in RHI and a 100.0% economic interest in First Coconut Manufacturing Inc. (“FCMI”).|