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Manila Bulletin devider Business devider The Stock Market devider Yuchengcos diversify into real estate, financial services

Yuchengcos diversify into real estate, financial services

Published Jan 9, 2024 04:58 am

The Yuchengco family’s holding company House of Investments (HI) is diversifying its business portfolio by strategically expanding into the financial services and property sectors. 

In a disclosure to the Philippine Stock Exchange, the firm said its diversification includes the P15.7 billion share swap agreement and acquisition of a 184-hectare property in Tarlac through a newly incorporated and wholly owned subsidiary, Tarlac Terra Ventures, Inc. 

This follows the series of reduction of its exposure in construction industry with EEI Corporation where it has already reduced its stake to 30.85 percent in order to raise funds. 

HI said this strategy is aimed at bolstering the conglomerate's portfolio and optimizing its organizational structure. 

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House of Investments President and CEO Lorenzo V. Tan

"Aiming to be an extensive conglomerate, we are putting in the groundwork necessary to make HI a bigger and better company," said HI President, and CEO Lorenzo V. Tan.

He added that, “This initiative is centered on the reorganization of the group to amplify its overall value proposition, demonstrating HI's continuous business development and its pursuit of growth opportunities across multiple sectors.”

Pending the release of the SEC approval for the increase in its authorized capital, HI will hold 77.32 percent of MICO Equities, Inc. which owns Malayan Insurance Co. (Non-life Insurance), Inc.; 51 percent of Sun Life Grepa Financial, Inc. (Life Insurance); and 49 percent of Grepa Realty Holdings, Inc (GRHI).

In 2024, HI said it will undergo a transformation with financial services as a core investment replacing construction. The reorganization will create a new financial services unit under HI comprised of Malayan Insurance, Sun Life Grepa Financial, and its existing 40 percent stake in RCBC Trust Corporation. 

“This foray into financial services underscores HI's commitment to diversification and its ambition to play a more substantial role in the Philippine financial industry,” the company said. 

At the same time, HI continues to grow its property portfolio with the acquisition of the 184-hectare property located at Central Techno Park in Luisita Industrial Park, along with the upcoming ownership of GRHI and its multiple properties to be added to its property portfolio in 2024.   

In 2022, HI acquired full ownership of A.T. Yuchengco Centre in BGC, Taguig. Currently, HI is developing a 28-storey office building along Sen Gil Puyat Avenue through its 60 percent stake in San Lorenzo Ruiz Investment Holdings and Services.  

These activities align with its vision to tap into the growth potential of the Philippine real estate market.

The recent sale of additional EEI shares to a foreign investor is consistent with the portfolio realignment that HI is undergoing with a bias for recurring income and growth from construction to financial services, property and renewable energy.  

"As HI embarks on this new phase of expansion, it reinforces its position as a versatile and dynamic player in the Philippine business landscape," the firm said.
 

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House of investments Inc. Lorenzo V. Tan
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