BIZ BUZZ: Working with top conglomerates
Former Finance Department Undersecretary and Public–Private Partnership Center Deputy Executive Director Emmanuel “Jimbo” Reverente has found a new home in venture capital and consultancy firm Embiggen Group.
Reverente, a former Aboitiz Group executive who has since branched out to executive coaching services, joined Emiggen as partner and head of innovation consulting.
Established during the pandemic, the company has rapidly expanded its organization and client base, which includes some of the country’s top conglomerates and business groups.
Among these are San Miguel Corp.’s liquor unit Ginebra, Aboitiz and FAST Logistics Group.
The firm’s founding CEO and managing director Rolan Marco Garcia himself recently bagged the title of best corporate venturing chief executive in the country at the 2023 APAC Insider CEO of the Year Awards.
“As one of the few independent corporate venture builders in the Asean region, we are proud to have received this award from APAC-Insider,” Garcia said in a statement to Biz Buzz.
“We look forward to building more businesses with the region’s top conglomerates in the coming years,” he added.
— Miguel R. Camus
A new owner has landed
F&S Holdings — which is owned by businessman Rep. Michael “Mikee” Romero and his wife Shiela — has sold its stake in low-cost airline AirAsia Philippines as it seeks to ramp up its power and port businesses.
The transaction has been described as “well-mapped and very amicable.”
“We are excited at the opportunity to consolidate our business enterprises and realign them to focus more on our core businesses in power and ports,” said Sheila, the company chair.
With their exit, the budget carrier has welcomed AA Com Travel Philippines Inc., owning 60 percent of the airline. The remaining shares are owned by Capital A Bhd founders Tony Fernandez and Datuk Karmarudin Menarum.
“We wish nothing but the best to our former partner in AirAsia Philippines, as well as to AA Com Travel Philippines. May they continue to fly high and reach new heights,” Mikee said.
The sale came at a time when passenger movement has been regaining momentum following the easing of COVID-19 restrictions. Recently, the AirAsia Group was recognized as the top low-cost carrier in Asia by AirlineRatings.com.
“As a leading aviation and travel ecosystem platform now we will continue to deliver the very best value across all of our businesses,” Capital A Group CEO Tony Fernandes said earlier.