Lopez Holdings Corporation Explained
Lopez Holdings Corporation (formerly primarily as Benpres Holdings Corporation from June 8, 1993 to July 21, 2010 and secondarily from July 21, 2010 to 2019, and also known as Lopez, Inc.) is a Filipino conglomerate founded by the brothers Eugenio Lopez, Sr. and Fernando Lopez, Sr. It has substantial holdings in the public service and utilities sector in the Philippines and serves as the Lopez family's publicly listed holding company for investments in major development sectors such as broadcasting and cable; telecommunications; power generation and distribution; manufacturing; and property development. It added to its portfolio investments in other basic service sectors but has also since sold its interest in banking, toll roads, information technology, and health care delivery.
Lopez Holdings Corporation is majority-owned by Lopez, Inc., a private holding and investment entity of the Lopez family.
Businesses
Media and Telecommunications
- ABS-CBN Corporation (also known alternatively and secondarily since August 2007, and formerly primarily from February 1, 1967 to September 23, 1972 and September 14, 1986 to August 2007 as ABS-CBN Broadcasting Corporation) - a publicly listed company and the country's largest media conglomerate. It is currently involved in broadcast radio, television and new media as well as cable television (Sky Cable Corporation, Creative Programs, Inc.), television programming (ABS-CBN Studios (Dreamscape Entertainment, Star Creatives Television)), films (Star Cinema, Black Sheep Productions, Skylight Films), theater (Teatro Kapamilya), news (ABS-CBN News), publishing (ABS-CBN Publishing), talent agency (Star Magic, etc.), licensing, radio (TeleRadyo, MOR Entertainment), music (Star Music, Tarsier Records), merchandise (ABS-CBN Store), events and concerts (ABS-CBN Events, Star Events, Ktx.ph), streaming platforms (iWantTFC), digital media (Kapamilya Online Live) and websites (news.abs-cbn.com). Its flagship television station, ABS-CBN (permanently replaced by Kapamilya Channel, and ABS-CBN (as a broadcast syndication) affiliated with blocktime channels: A2Z under ZOE Broadcasting Network and other networks and platforms is the leading television network in the country and is available worldwide through The Filipino Channel. Lopez Holdings owns 57.24% of ABS-CBN Corporation as of 2014.
- Sky Vision Corporation - is a holding company incorporated on March 25, 1991, with the primary purpose of owning controlling stocks on Sky Cable Corporation. It started commercial operations on February 1, 1992. It is owned 55% by ABS-CBN Corporation, 5% by Lopez Holdings Corporation and 40% by Sampaquita Communications Pte. Ltd.[1] Sky Cable acquired Destiny Cable in 2012.
Power and Energy
- First Philippine Holdings Corporation (First Holdings) - a holding company whose core businesses are in power generation and distribution, with strategic initiatives in manufacturing, property and infrastructure. Lopez holdings owns 46.6% of FPHC as of December 2011.
Power Generation
- First Gen Corporation (First Gen) - is the holding company of First Holdings in power generation and energy-related businesses. First Holdings owns 76% of First Gen.
- First Gas Holdings Corporation (FGHC) - established in 1994 as a joint-venture between First Holdings and the BG Group to develop natural gas projects in the Philippines using natural gas from the Malampaya gas field. FGHC is now a wholly owned subsidiary of First Gen acquiring the 40% interest of BG Group in 2012.
- First Gas Power Corporation (FGPC) - established in 1994 as a joint-venture between First Holdings and the BG Group to operate a 1,000 MW combined cycle gas turbine power plant in Santa Rita, Batangas. In May 2012, First Gen acquired the 40% interest of the BG Group, making FGPC an indirect wholly owned subsidiary of First Gen.
- FGP Corporation (FGP) - established in 1997 as a joint-venture between First Holdings and the BG Group to operate a 500 MW gas turbine combined cycle power plant in San Lorenzo, Batangas. In May 2012, First Gen acquired the 40% interest of the BG Group, making FGPC an indirect wholly owned subsidiary of First Gen.
- FGP San Gabriel is a 420 MW combined cycle gas turbine plant which was established in 2016 as an indirect wholly owned subsidiary of First Gen.
- FG Hydro Power Corporation - First Gen Hydro Power Corporation (FG Hydro) was incorporated as a wholly owned subsidiary of First Gen.
- FG Bukidnon Power Corporation
- First Gen Renewables, Inc. (FGRI), formerly known as First Philippine Energy Corporation, was established in 1978 to develop prospects in the renewable energy market. First Gen owns 100% of FGRI.
- Energy Development Corporation - established in 1976,accounts for more than 60% of the country’s installed geothermal capacity. Its plants are located in the provinces of Leyte, Negros Oriental, Negros Occidental, Bicol and North Cotobato. In November 2007, First Gen Corporation bid for and won a 60-percent economic stake in EDC. As of 2011 First Gen owns over 46% of EDC.
Power Distribution
- Manila Electric Company (Meralco) - acquired by the Lopez Group 1962 and developed into a power-distributing company. Between 2009 and 2012, the Lopez Group would reduce its 33.4% holdings in MERALCO by selling most of its shares to the First Pacific Group.[2] [3] [4] Since 2012, the Lopez Group's maintains a 3.95% interest (one board seat) in MERALCO.[5]
- Panay Electric Company (PECO) - First Holdings entered into a joint venture with the Panay Electric Company, Inc. (PECO) in March 1996 for the construction of a US 72 million diesel-fired power plant in Iloilo City. First Holdings acquired a 30 percent equity in PECO. In turn, PECO subscribed to a 30 percent equity interest in Panay Power Corporation. First Holdings currently owns 30% of PECO.
Real estate
- Rockwell Land Corporation (RLC) - a high-end real estate development corporation initially tasked to develop the Rockwell Center in Makati. Rockwell Land was established in 1995. FPHC now owns 85% of Rockwell Land after buying the shares of MPIC and SMC groups in Rockwell Land.[6]
- First Philippine Industrial Park (FPIP) - a 315-hectare industrial estate. FPIP is a joint venture with Sumitomo Corporation of Japan which owns 30% while First Holdings owns 70%, formed in 1996 to develop an industrial park located in Sto. Tomas, Batangas.
- First Philippine Realty Corp., formerly known as INAEC Development Corporation - primarily engaged in the acquisition, disposal, or lease of real and personal property. FPRC is a wholly-owned subsidiary of First Holdings.
- TerraPrime Inc. - incorporated in May 2011 as a joint-venture between First Balfour and Estuar Development Corporation. The company is engaged in real estate development.[7]
Infrastructure
- First Balfour, Inc. - is one of the country’s largest engineering and construction companies today, with 49 years in business. First Balfour, Inc. is a wholly owned subsidiary of First Philippine Holdings.
- First Philippine Industrial Corp.- owns and operates the sole, largest commercial oil pipeline in the country, transporting crude and refined petroleum products from Batangas to Metro Manila. FPIC is 60% owned by First Holdings, in partnership with Shell Petroleum Co., Ltd. (UK) which owns 40%.
Manufacturing
- First Philippine Electric Corp. (First Philec)
- Philippine Electric Corporation (Philec)
- First Electro Dynamics Corporation (FEDCOR)
- First Philippine Power Systems, Inc. (FPPS)
- First Sumiden Circuits, Inc. (FSCI)
- First Sumiden Realty, Inc.
- First Philec Solar Corporation
Other businesses of the Lopez Group
Former businesses
- Bayan Telecommunications Holdings Corporation (Bayan Holdings) - owns Bayan Telecommunications, one of the telecommunications company in the Philippines providing a full range of services which includes local exchange, domestic long distance, international long distance, data and payphone services. As of May 2011, Lopez Holdings held 47.3% Bayan Holdings. In 2013, Ayala-led Globe Telecom took over 98% of BayanTel via a debt to equity deal.
- Maynilad Water Services - joint-venture between Benpres Holdings Corporation and Ondeo Water Services, Inc. (formerly Suez Lyonnaise de Eaux). Benpres left the joint-venture in 2006 in order to settle a debt of US$150 million.
- The Medical City - in April 2008, Benpres sold its entire 18% stake in The Medical City to Lombard for Php600 million.
- NLEX Corporation - sold to Metro Pacific Investments Corporation in August 2008.
- Philippine Commercial International Bank (PCI Bank) - a joint venture between Benpres and the JG Summit Holdings. In 1999, both groups sold their shares in the bank to SSS and GSIS. The shares were later acquired by and merged with Equitable Bank and renamed Equitable PCI Bank. In 2005, the SM Group would acquire Equitable PCI Bank and merged in 2006 with Banco de Oro to be renamed BDO Unibank.
References
Sources
- The Lopez Family: its Origins and Genealogy, edited and introduced by Oscar M. Lopez lopez-museum.org
- Phoenix: The Saga of the Lopez Family by Raul Rodrigo
- The Power and the Glory: the story of the Manila Chronicle 1945-1998
- Lopez Holdings Corporation, official corporate website
- Lopez Family Values -- Philanthropy in the Philippines as published in The Synergos Institute's Global Giving Matters
- Lopez Link, the monthly newsletter of the Lopez Group of companies
Further reading
Notes and References
- Web site: Archived copy . February 25, 2012 . https://web.archive.org/web/20130521023652/http://www.sttelemedia.com/nmanagerpro/assets/PressRelease_ABS-CBN%20and%20Lopez%20Holdings%20Complete%20PDR%20Sale%20to%20STTC.pdf . May 21, 2013 . dead .
- Web site: Lopez says wants out of Meralco. Reuters. May 8, 2008. August 20, 2020.
- Web site: PLDT buys 20% Lopez stake in Meralco. The Philippine Star. March 14, 2009. August 20, 2020.
- Web site: Metro Pacific, Piltel to form holding firm for Meralco shares. GMA News. February 8, 2010. August 20, 2020.
- Web site: Lopez completes sale of 2.66% Meralco stake. Zinnia. dela Pena. The Philippine Star. February 1, 2012. July 18, 2020.
- Web site: Meralco letting go of 51% stake in Rockwell Land . May 13, 2012 . https://web.archive.org/web/20120427163422/http://www.e-rockwell.com/grove/press_release/article/250043 . April 27, 2012 . dead .
- Web site: June 29, 2013. Terraprime - About TerraPrime. October 26, 2021. archive.ph. June 29, 2013. https://archive.today/20130629185820/http://www.terraprime.ph/about-terraprime/. live.
