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 Pacific and the investee companies; and
- Making further investment in value-enhancing businesses, taking into consideration all relevant criteria, including Environmental, Social and Governance (“ESG”) factors to better manage risk and generate sustainable long-term returns.
Our investment criteria are clear:
- Investments must be related to our areas of expertise and experience (consumer food products, infrastructure, natural resources and telecommunications);
- 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 significant influence 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 defining targets; and
- Raise reporting and ESG standards to world-class levels at First Pacific and 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 largest infrastructure investment management and holding company in the Philippines, with investments in the country’s largest electricity distributor, hospital group, toll road operator and water distributor. MPIC also holds significant investments in logistics and light rail operations, and in 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 plant 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 20 March 2018, 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 FPM Power Holdings Limited (“FPM Power”) 67.6%(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 an additional 15.0% economic interest in Philex.|
|(2)||Includes a 7.6% 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 32.7% in RHI, and its Philippine affiliate First Agri Holdings Corporation (“FAHC”) holds an additional 30.2% economic interest in RHI.|