Gerry Z, my golfing buddy, messaged me about my availability to join a select group of journalists to break bread with Francis Chua, to which I readily agreed, curious about the developments at the Bank of Commerce, which he chairs. It would also be my first face-to-face interview with a news source this year.
As has been my practice, I researched Mr. Chua, the ambassador and honorary president emeritus of the Philippine Chamber of Commerce and Industry, whom I'd interviewed several times in my previous life as a finance and banking reporter.
But, lo and behold, I was virtually looking south! The subsequent message informed me it was an altogether different Francis Chua. The difference is Lloyd as his second name.
Google will give you two Francis Chuas: the first is the founding chairman of the International Chamber of Commerce of the Philippines, and the second is Francis Lloyd Chua, the civil engineer who recently acquired a majority stake in Asiabest Group International Inc. (ABG), formerly owned by Tiger Resorts Asia Ltd., the operator of Okada Manila.
At 43, Francis Lloyd has accomplished far more in business compared to his millennial peers. His businesses span real estate, construction, manufacturing, logistics, mining, shipbuilding, and technology industries.
Yes Virginia, he's not married, but he's a single parent with three children—two boys and a girl. He did not tie the knot with his former partner, saying, "She doesn't want to sign a prenup."
This Leyte-born industrialist, who obtained his Bachelor of Civil Engineering degree from San Carlos University in Cebu, readily admits he was a second-taker on the board exam, edged out by his review classmate, Alfredo Commendador Jr. Engr. Commendador now works for him as president of CSC.
He also recalled with all humility being "criticized" and having his capability questioned when he bravely bid for the Millennium Challenge Account-Philippines project in Samar Provinces, funded by the US government. He was 31 then.
Elon Musk, the wealthiest man in the world with an estimated net worth, according to Forbes Magazine, of $421 billion and the major funder of Tesla, which makes electric cars and batteries, is his idol.
Of all his businesses, Francis Lloyd is committed to addressing the housing shortage in the country through CSC, his company involved in the manufacturing and supply of construction materials such as precast concrete, aggregates, and cement. "If there's a Tesla in electric vehicles, I want a Tesla in housing."
As has been written, Francis Lloyd plans to do a backdoor listing with ABG to raise some P2-3 billion to fund its low-cost, socialized housing using CSC's pre-fab materials. The initial business involved here is Kabalayan, its housing developer.
Relative to this, preparations are underway for the mandatory tender offer scheduled this February, shared Jan Michael Lim, chief investment officer of Premium Infinite Ventures, Inc., the management entity of all Francis Lloyd's businesses.
This is a regulatory requirement for backdoor listing, giving the public an opportunity to unload their shares to Premium Land Corporation, the parent company of Kabalayan.
After which, the follow-on offering will hopefully be undertaken within the third quarter of this year, sometime in September. Several financial institutions—Rizal Commercial Banking Corp., China Bank, Philippine National Bank, and BDO Univesal Bank—have already signified their intention to be the investment banker.
Indeed, Francis Lloyd has gone a long way. His business plate is oozing with projects.
Sante!
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