MANILA, Philippines – The Lopez family’s investment firm is infusing fresh capital to a property unit for its expansion.
First Philippine Holdings Corp. (FPH) is pumping in P1.4 billion in subsidiary First Philippine Properties Corp. for the latter’s land and related acquisitions.
“Part of the funds is intended for the purchase of the property located at the Philtown Industrial Park,” FPH said.
FPH last January topped the auction for a 46-hectare property located at the Philtown Industrial Park in Tanauan, Batangas.
The property, which was previously owned by Brilliante Realty Corp. and Mitsubishi Motors Philippines Corp., consists of “land and improvements.”
The Lopez-led firm, through subsidiary First Philippine Industrial Park, currently operates an industrial park in Santo Tomas, Batangas.
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FPH has strategic initiatives in manufacturing and property development but its major business is in power generation and distribution.
The company operates the power business through units Energy Development Corp. and First Gen Corp.
FPH is also into property development through Rockwell Land Corp., a listed premier property developer of residential and commercial projects catering to the high-end and upper-mid markets mainly in Metro Manila.
Last year, the company’s earnings surged 140 percent to P5.6 billion from P2.3 billion the previous year due to revenues which went up 14 percent.
FPH said electricity sales grew P4 billion or five percent last year behind EDC’s Bacman, Nasulo and Burgos wind plants that went online in 2014.
Contracts and services also increased 49 percent on the back of First Balfour’s earnings from the Burgos-Vestas, Avion and San Gabriel projects, the firm said.
