JG Summit Holdings explained

JG Summit Holdings, Inc.
Type:	Public
Founder:	John Gokongwei Jr.
Location:	Robinsons Equitable Tower, Pasig
Location Country:	Philippines
Area Served:	Philippines
Industry:	Various
Products:	Petrochemicals
Revenue:	₱312.4 billion PHP (2022)^[1]
Net Income:	₱6.2 billion PHP (2022)
Subsid:	Cebu Pacific JG Summit Petrochemical Corporation LIPAD Corporation Robinsons Bank Robinsons Land Corporation United Industrial Corporation Limited Universal Robina
Homepage:	Official website

JG Summit Holdings, Inc. (JGSHI) is one of the largest conglomerates in the Philippines with business interests in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications. Key subsidiaries include Universal Robina and Cebu Pacific. Incorporated in November 1990, JG Summit Holdings was founded by John Gokongwei Jr., one of the wealthiest individuals in Southeast Asia.^[2] In 2010, JGSHI was one of the ten most profitable companies on the Philippine Stock Exchange.^[3]

Companies

Manufacturing

• JG Summit Petrochemical Corporation
• JG Summit Olefins Corporation
• Universal Robina Corporation - is one of the largest branded consumer food and beverage product companies in the Philippines.

Real estate

• Robinsons Land Corporation (including Robinsons Malls)
• United Industrial Corporation Ltd. (Singapore) - 37% ownership

Air transport

• Cebu Pacific
  • Aviation Partnership Philippines
  • Cebgo
• LIPAD Corporation (operator of Clark International Airport) - a consortium with Filinvest Development Corporation, Philippine Airport Ground Support Solutions Inc., and Changi Airports Philippines Pte. Ltd.^{[4] [5]}

Financial

• GoTyme Bank (joint venture with Tyme Group)^[6]

Utilities

• Global Business Power Corporation (30%)
• PLDT, Inc. (11.27%)
• Meralco (29.56%)

Others

• iTech Global Business Solutions, Inc.
• GMA Network, Inc.
• Go Hotels
• Robinsons Hotels & Resorts
• Summit Hotels and Resorts
• Summit Media
• Universal Hotels and Resorts Inc.
• DHL Summit Solutions Inc. (joint venture with DHL)^[7]

Former businesses

• Digital Telecommunications Philippines (Digitel and Sun Cellular) - Acquired by PLDT in March 2011. As part of the deal, JG Summit will have a 12% share in PLDT. It was finalized by the National Telecommunications Commission on October 26, 2011.
• Far East Bank and Trust Company - Sold the shares to BPI during the time PCIBank was acquired by Equitable, the GSIS and the SSS.
• Philippine Commercial International Bank (PCI Bank) - A joint venture between Benpres, and the Lopez Group of Companies. Both sold their shares in 1999 to the SSS and GSIS which gave way to the Equitable Banking Corporation - Philippine Commercial International Bank merger and eventually became Banco de Oro Universal Bank.
• Griffin's Foods (New Zealand) - sold to Intersnack, a subsidiary of German company Pfeifer & Langen.^[8]
• Snack Brands Australia (Australia) - sold to Intersnack, a subsidiary of German company Pfeifer & Langen.
• SIA Engineering (Philippines) Corporation - sold the remaining 35% ownership to SIA Engineering Company.

Further reading

• News: JG Summit income surges 128% to P5.6b . . Jenniffer B. . Austria . November 15, 2006.
• News: JG Summit borrowing $600m for petrochem . . Jenniffer B. . Austria . June 30, 2006.
• News: JG Summit Holdings, Inc. Unit Announces $240 Million Share Sale . Reuters . February 7, 2006 .
• News: JGS slates new share offer for RLC (free article preview) . . Ana Marie . Macuja . February 15, 2006.

External links

• JG Summit corporate website

Notes and References

1. https://www.jgsummit.com.ph/annualreport2022
2. News: Southeast Asia's 40 Richest . Forbes. Justin . Doebele . September 8, 2005.
3. News: Year End Report - Transco, telcos, economic growth . . December 31, 2006 . January 3, 2007 . dead . https://web.archive.org/web/20071017032239/http://www.manilatimes.net/national/2006/dec/31/yehey/yearend/20061231spe5.html . October 17, 2007 .
4. Web site: Lipad Corporation takes over Clark airport operations . . September 20, 2019 . August 18, 2019.
5. News: Orejas . Tonette . Lipad consortium takes over Clark airport . Philippine Daily Inquirer. September 20, 2019 . August 16, 2019.
6. Web site: GoTyme Bank eyeing Vietnam expansion. 9 October 2023. Alden M.. Monzon. INQUIRER.net. 10 October 2023.
7. Web site: JG Summit Holdings & DHL Supply Chain Form Joint Venture in the Philippines.
8. Web site: Intersnack New Zealand Holding Company.