Anscor acquires 10% stake in SPI Technologies for P100 Million

A. Soriano Corp. (Anscor), the holding firm of the Soriano group, said it has invested in a publicly-listed IT firm which it plans to use as its platform for other New Economy ventures.

Anscor senior vice president and chief financial officer Ernest Cuyegkeng said the company has invested P100 million for a 10 percent stake in SPI Technologies Inc., a company primarily engaged in data conversion.

Its entry into SPI was one of the few investments Anscor made during the past year. Another buy-in involves a minor stake in ATR, an investment company which Anscor plans to tap for its forays into new fields such as IT.

Cuyegkeng said with its investment in SPI, Anscor will be able to utilize IT and the Internet for its businesses as it plans to expand its stake in the IT company. Among the major Philippine conglomerates, Anscor has noticeably lagged behind in IT ventures while the likes of Ayala Corp., JG Summit, Benpres Holdings, Aboitiz Equity Ventures, SM and others now reaping benefits from their IT investments.

As a company, SPI provides IT services, including the conversion of information into electronic form for major Internet, online content providers, networking companies and other clients; electronic mapping and database building for utilities; software services; and call centers. It is an ISO 9002 certified exporter whose clients are located largely in North America and Europe.

Last year, SPI made a major turnaround in its financial performance as it posted a net income of P25 million, from a net loss of P210 million in 1999, as it gave up businesses with limited growth and started new areas with better potentials and recurring revenue streams.

Anscor, remains in the red as most of its businesses suffered from the difficult economic and political environment the past year. Its high-end resort Amanpulo Resort in Palawan, for instance, managed to turn in a modest profit even as there was a sharp drop in visitors as a consequence of the spate of kidnappings by Muslim bandits in Mindanao.

Anscor’s consolidated loss amounted to P310.9 million last year on lower revenues of P1.437 bilion. In 1999, its losses reached P487.6 million with revenues at P1.686 billion. – Conrado Diaz Jr.