MANILA –There's no time to rest for businessman Manuel V. Pangilinan when he makes his trip to Europe in time for the 2014 FIBA World Cup in Spain later this month.
While doing his duties as president of the Samahang Basketbol ng Pilipinas, Pangilinan will be attending business meetings across Europe to make a pitch to companies in the United Kingdom and Spain to invest in the Philippines.
"The Spanish companies for example, I guess the UK companies as well, have certain technical expertise in areas we operate: sugar, tollways, power and water. We've been asked to meet these companies in the UK and Spain," Pangilinan said in a briefing on Metro Pacific Investments Corp's (MPIC) first-half results Tuesday.
The telco executive will kick off his European trip with a two-day stop in Berlin to acquaint himself with the operations of Rocket Internet AG. Philippine Long Distance Telephone Co, which Pangilinan chairs, announced last week a 333-million euro investment in the European company behind the leading Southeast Asian e-Commerce businesses Zalora and Lazada.
Pangilinan will then proceed to Madrid and stay there for three days to meet with business executives. The sports patron will then travel to Sevilla for the FIBA World Cup, which starts on August 30, where he will oversee the return of the Philippine men's basketball team in the world stage after a four-decade absence.
"I think in between, there will be some –not too many—business meetings in Sevilla," Pangilinan said. The businessman is also planning a trip to London but that has yet to be finalized.
Pangilinan is the chief executive officer of First Pacific Company Limited, a Hong Kong-based firm with interests in agriculture, telecommunications, infrastructure and mining. The conglomerate's biggest businesses are in the Philippines, including PLDT, Metro Pacific Investments Corp and Philex Mining Corp.
Before PLDT made its biggest overseas investment in Rocket Internet, MPIC has been spreading its wings in Southeast Asia. Manila Electric Co has bought into Singapore's newest and most modern gas-fired power plant, while the infrastructure holding firm has acquired a 29.45 percent stake in the Don Muang Tollway in Thailand.
MPIC chief financial officer David Nicol said the group is taking an opportunistic approach when it comes to expanding overseas, as it sets sights on infrastructure investments in Thailand and Indonesia.
Once the political tension in Thailand eases, MPIC is aiming to take control of the Don Muang Tollway with the purchase of the Ministry of Finance's 25-percent stake valued at $110 million.
Likewise, Maynilad Water Services Inc is scouting for opportunities abroad in terms of expanding its concession area and lending its expertise in reducing non-revenue water (NRW). One potential area for expansion is Jakarta, "a very large city with very high NRW levels,” said MPIC president Jose Ma. K. Lim.
Despite the group's overseas investments, Pangilinan said that "our focus continues to be on continuing our investments in the Philippines."
The total capital spending of MPIC's businesses are seen reaching P44 billion this year.
However, the conglomerate is lagging behind its capital expenditure plan because of issues on right of way acquisition for its water treatment plants, and Segments 9 and 10, or the 8-kilometer North Luzon Expressway Harbour Link project.
Challenges in securing the land for sewage treatment plants have also hampered Maynilad’s investments, he added.
So far, Maynilad has spent P2 billion and Metro Pacific Tollways Corp has used up P1.5 billion of its capex program in the first half of the year.
"We budgeted more than that which suggests there will be delays in Segments 9 and 10 [and also] in terms of completion even in the water treatment plants," Pangilinan said.
Pangilinan also chairs TV5, of which InterAksyon.com is the online news portal.
source: InterAksyon
No comments:
Post a Comment