First Pacific (HKEx: 142, ADRs: FPAFY) is a Hong Kong-based investment management and holding company with operations located in Asia-Pacific. Our principal business investments relate to consumer food products, infrastructure, natural resources and telecommunications.
Our mission is to unlock value in our investee companies by:
Our investment criteria are clear:
- Delivering dividend/distribution returns to shareholders;
- Delivering share price/value appreciation of First Pacific and the investee companies; and
- Making further investment in value-enhancing businesses, taking into consideration all relevant criteria, including Environmental, Social and Governance (“ESG”) factors to better manage risk and generate sustainable long-term returns.
Our strategies are threefold:
- Investments must be located in or trading with the fast-growing economies of emerging Asia;
- They must be related to our four industry sectors (consumer food products, infrastructure, natural resources and telecommunications);
- Investee companies must have a strong or dominant market position in their sectors;
- They must possess the potential for significant cash flows; and
- We must obtain management control or significant influence to ensure our goals can be met.
- Identify undervalued or underperforming assets with strong growth potential and possible synergies;
- Manage investments by setting strategic direction, developing business plans and defining targets; and
- Raise reporting and ESG standards to world-class levels at First Pacific and the investee companies.
First Pacific’s portfolio has a balance of assets in our core industries and markets in PT Indofood Sukses Makmur Tbk (“Indofood”), PLDT Inc. (“PLDT”) and Metro Pacific Investments Corporation (“MPIC”). Indofood is the largest vertically integrated food company in Indonesia and PLDT is the dominant telecommunications and digital services provider in the Philippines with the largest fixed broadband network and the most modern and sophisticated wireless network in the country. MPIC is the largest infrastructure investment management and holding company in the Philippines, with investments in the country’s largest electricity distributor, toll road operator, water distributor and hospital group. MPIC also holds substantial investments in major light rail and logistics operations, and in the largest electricity generator in the Visayas region of the Philippines.
First Pacific also invested in Philex Mining Corporation (“Philex”), PXP Energy Corporation (“PXP”), PacificLight Power Pte. Ltd. (“PLP”) and Roxas Holdings, Inc. (“RHI”). Philex is one of the largest metal mining companies in the Philippines, producing gold, copper and silver. PXP is an upstream oil and gas company with a number of service contracts in the Philippines and abroad. PLP is the operator of one of Singapore’s most efficient gas-fired power plants and RHI runs an integrated sugar and ethanol business in the Philippines.
Listed in Hong Kong, First Pacific’s shares are also available for trading in the United States through American Depositary Receipts.
As at 23 March 2020, First Pacific’s economic interest in Indofood is 50.1%, in PLDT 25.6%, in MPIC 42.2%, in Philex 31.2%(1), in PXP 35.7%(2), in FPM Power Holdings Limited (“FPM Power”) 67.6%(3) and in FP Natural Resources Limited (“FP Natural Resources”) 80.6%(4).