BIZ BUZZ: Another next-gen Aboitiz takes top spot
Looks like the conglomerates are ready to pass on key management roles to their next generation of leaders—likely those who had been trained to head billion-peso companies since they could walk.
This time, Aboitiz Land Inc., the real estate arm of the Aboitiz Group, is handing the reins to Rafael Fernandez de Mesa, a fifth-generation family member.
Fernandez de Mesa is set to succeed David Rafael, the current CEO of Aboitiz Land, by Jan. 1, 2025.
According to the “techglomerate,” he brings with him “a wealth of industry expertise” as the current head of economic estates of the group’s infrastructure arm, Aboitiz InfraCapital Inc.
These estates in the provinces of Batangas, Cebu and Tarlac span nearly 2,000 hectares and have so far cornered P155 billion in investments, Aboitiz Land said in a statement on Tuesday.
But it’s not Fernandez de Mesa’s first time with Aboitiz Land. Of his 15 years with the group, he actually spent a decade with the property firm holding various positions, most notably first vice president of operations.
Article continues after this advertisementWe’re on the edge of our seats to watch where Fernandez de Mesa will bring Aboitiz Land—and whether he’ll be one of the key factors in making “techglomerate” a thing. —Meg J. Adonis
Article continues after this advertisementBetting on DigiCo
Tycoon Manuel Pangilinan seems to be betting more on his newest business venture, DigiCo, which is envisioned to “be ‘the app’ for all Filipinos—their default platform for bills, payments and rewards.”
On Tuesday, PLDT Inc. disclosed that the telco giant, Manila Electric Co. (Meralco) and Metro Pacific Investments Corp. (MPIC) subscribed to a total of 570 million additional shares in DigiCo.
Following their separate transactions, PLDT holds 45-percent ownership in the subsidiary while Meralco and MPIC each owns 27.5 percent.
The telco player, however, did not disclose exactly how much the capital infusion is.
Now, the question is: How will DigiCo spend the injected equity? Is another acquisition on the horizon?
To recall, the company recently completed the 10-percent stake purchase in bills payment provider CIS Bayad Center Inc., which is controlled by Meralco.
DigiCo also fully acquired e-payment solutions provider Multipay Corp., a unit of Multisys Technologies Corp. Multisys is 46-percent owned by PLDT via its unit PLDT Global Investments Holdings Inc. —Tyrone Jasper C. Piad
Still waiting for GCash market debut
For quite some time now, popular e-wallet brand GCash has been waiting for the right moment to launch its much-awaited initial public offering (IPO). And by that, the company operated by Mynt, which is under the Globe Group, means better market conditions.
Fortunately for GCash, the local bourse has recently entered the bull market territory amid the positive sentiments due to easing of monetary policy. So, are we expecting a market debut soon?
“We’re still going to wait and see. Nevertheless, we’re preparing for the eventual outcome,” GCash chief marketing officer Neil Trinidad told reporters on the sidelines of the company’s 20th anniversary party on Monday evening.
Asked regarding the potential listing of its shares overseas, Trinidad said: “We’re looking at all possibilities in terms of the right venues for this.”
Analysts earlier said that GCash, at this point, had made itself more attractive after more than doubling its valuation to $5 billion. The e-wallet brand recently received capital infusion from Globe parent company Ayala Corp. and Japanese financial institution MUFG Bank Ltd.
Mynt tripled its net income to P6.7 billion last year. The homegrown brand has been expanding its presence abroad, including the United States, Canada, the United Kingdom, Australia, Italy, Japan, Germany, Spain, United Arab Emirates, Qatar, Hong Kong, Taiwan and Korea. —Tyrone Jasper C. Piad
