MANILA, Philippines - Macondray & Co. Inc., an investment holding company of the Lorenzo family, is eyeing emerging growth areas such as power to add to its current portfolio that includes food, trading and services.
Regina Santos, corporate information officer of Macondray Plastics Inc., said Macondray & Co., which will receive around P218 million from the sale of its 66 percent stake in the listed packaging firm, is evaluating several business opportunities which include power.
Macondray & Co. announced last week that it has forged a deal with the Ongpin-Ashmore Group, through RVO Capital Ventures Corp. to sell a total of 99.44 million shares in Macondray Plastics for P2.20 each share or a 25 percent premium on the company’s net book value as of end-August 2009 of P1.76 each share.
“With the possible sale, Macondray & Co. shall have the financial flexibility to look at other investment opportunities, like power,” Santos said.
Santos, however, declined to give more details on Macondray & Co.’s new investment thrust, saying everything is still under study.
The Lorenzo family owns a chain of casual dining restaurants namely Pancake House Inc., Dencio’s Food Specialists Inc., Teriyaki Boy Group Inc., high-end bakeshop Le Coeur de France, Singkit and Sizzlin Pepper Steak.
After acquiring Pancake House in 2000, the group has turned it into a multi-million peso business with presence in Malaysia.
The company’s expansion continues to be on full gear with the signing of an agreement to become the exclusive coffee shop chain in the hotels to be put up by the Sy Group of Companies.
To further boost its presence overseas, the group is planning to introduce Pancake House in Indonesia and Thailand in the first half of 2010.
For this year, the group plans to open 32 stores, raising its capital expenditure budget to P150 million from only P100 million in 2008.
Aside from this, the group plans to put up a P40-million culinary and hotel and restaurant management school in Makati under PHI Culinary Arts and Food Services Institute Inc.
Pancake House, which is known to serve specialty pancakes and waffles is committed to expand to 89 by the end of the year. It also plans to continue refurbishing existing stores, for both kitchen and dining space.