Necisto Sytengco receiving his “Entrepreneur of the Year” at the 2018 Asia Pacific Entrepreneurship Awards
Businessman Necisto Sytengco, chair and founder of chemical trading firm SBS Philippines Corp., passed away on Tuesday at the age of 65.
Sytengco’s passing was confirmed by SBS, which is listed on the Philippine Stock Exchange, in a regulatory filing on Wednesday.
Forbes Magazine estimated the businessman’s fortune last year at $210 million, making him the 39th richest person in the Philippines.
Sytengco had over four decades of experience in chemical trading and was responsible for shaping the company’s strategy and leading its growth. He was president of SBS from its incorporation in 2001 until 2016. He also served as its chair from 2015 until his demise.
He was awarded “Entrepreneur of the Year” at the 2018 Asia Pacific Entrepreneurship Awards by Enterprise Asia, a non-governmental organization that promotes entrepreneurship.
SBS has a customer base of more than 1,800 customers nationwide with 91 chemical products sourced from more than 500 suppliers. SBS has also diversified into property development, in order to unlock values from its considerable landbank.
The company is currently valued by the stock market at around P10.5 billion.