TFHI - Top Frontier Investment Holdings Inc.
Top Frontier Investment Holdings, Inc. (TFHI) was incorporated and registered with the Securities and Exchange Commission on March 11, 2008 as a holding company.

On August 30, 2013, TFHI acquired 100% of the outstanding common stock of Clariden Holdings, Inc. (Clariden), a holding company with interests in exploration, mining and development. Clariden, through its subsidiaries, holds mining rights over an area of approximately 23,877 hectares located in the islands of Nonoc, Hanigad, and Awasan, Surigao City; and Basilisa and Cagdianao, Dinagat Island Province, within Parcel II and Parcel III of the Surigao Mineral Reservation under MPSA No. 072-97-XIII, expiring in 2022.

TFHI owns 66.09% of San Miguel Corporation (SMC), a company engaged in various industries such as beverage; food; packaging; properties; fuel and oil; energy; infrastructure; telecommunications; airline; mining; and banking.

Other than its ownership in SMC and Clariden, the Company has no other operations as of December 31, 2016.

Source: SEC Form 17-A (2016)

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COCKTALES | Inigo Zobel is largest San Miguel shareholder, more than twice bigger than Ramon Ang

Ayala heir Inigo Zobel has emerged as the largest individual shareholder of the San Miguel Corp. after the country's biggest industrial conglomerate declared a property dividend and gave up its 49-percent cross-ownership stake in San Miguel's controlling shareholder, Top Frontier Investment Holdings Inc.
"A man should look for what is, and not for what he thinks should be." - Albert Einstein
#3 ko lang for posterity Big Grin Monday's news pa ito

Top Frontier mulls to invest in mineral processing, eyes IPO

MANILA, Philippines — Top Frontier Investment Holdings Inc., San Miguel Corp.’s controlling stockholder, plans to invest in mineral processing and conduct an initial public offering (IPO) once market conditions turn favorable, possibly within this year.

Shares of Top Frontier, which listed by way of introduction or without any IPO on Monday, slid by 44.41 percent to close at P98.95 per share on inaugural trading as investors took their cue from the lower pricing of the main investee company, SMC.

Shares of SMC, on the other hand, closed 3.25 percent lower at P58.05 per share.

“Most of them are thinking it’s like one is to one so bid price is immediately low. They haven’t realized that they got Top Frontier shares at one to 10 so the value is really P178 (per share) based on the valuation of San Miguel,” Ramon S. Ang, president of both SMC and Top Frontier, told reporters after the listing ceremonies.

“So we need to stabilize first before we move on to the second phase,” Ang said, referring to the IPO after this listing by introduction.

Top Frontier started trading on Monday under the ticker TFHI. It listed at an initial price of P178 per share, giving it a market capitalization of P87.25 billion. But with the decline in shares, market capitalization slipped to P59.25 billion.

SMC earlier distributed to its common shareholders 240.196 million shares in Top Frontier – equivalent to its 49 percent stake – as property dividend. Shareholders of SMC got one share of Top Frontier for every 10 existing shares in SMC.

“For the meantime, what we need is to give a little bit more time to investors who have gotten the shares,” Ang said.

“At some point, Top frontier needs to sell shares to be able to pay off some obligations,” he said.

Asked whether it’s possible for Top Frontier to tap the capital market this year, Ang said: “If the market is good, we will do it within this year.”

But Ang said Top Frontier would also sell some shares later on when it had identified the need for fresh investments. For instance, the holding firm is looking at the acquisition of new mining assets.

“We have zeroed into at least three foreign investments now. We’re now doing due diligence,” Ang said, noting that one of these potential mining firms had started drilling. “Once we’re sure that the reserves are good, then we can proceed,” he said.

Aside from its controlling stake in SMC, Top Frontier is interested in mining gold, copper, nickel and chromite.

“So we’ll pursue all those. There as so many opportunities not only in Philippines but also within the region,” he said.

As a strategy, he said Top Frontier’s potential mining ventures would include an investment in a process plant.

“In all our mining investments, our idea is to just operate on total processing. We don’t plan to export raw materials like what other people are exporting,” Ang said.

As such, he said Top Frontier has started conducting a due diligence on potential investments in gold, copper and nickel mining to determine the type of chemicals and metals.

“You can’t go and buy a plant without knowing the exact composition and quality of materials. When you get all these, that’s the only time you’ll get the plant.”

The distribution of shares in Top Frontier intends to address cross-ownership issues. With this scheme, SMC will no longer own shares in Top Frontier although the latter will still be SMC’s controlling stockholder.

As of the end of September, Top Frontier is the lead shareholder of SMC controlling 56.6 percent of direct shares and another 9.49 percent in indirect shares lodged with Philippine Depository and Trust Corp.

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#4 fall pala ito hehe...baka magpareho pa sa presyo ni SMC Big Grin

Nakapulot sa 68 at 73...hehe.
Just some things to ponder...
TFHI Market Cap = 25B
SMC Market Cap = 139B

So, which is it? TFHI to go up or SMC to go down? haha! Big Grin
~In all your ways, acknowledge God.

Initializing Bazura Mode...

sino dito ang may SMC share na umabot ex date for the property dividend na TFHI?

si COL may mga mga acknowledgement pa kung kukunin mo or hindi ang property dividend. di ba dapat ibinibigay na agad sa investor yan mga dividend less tax?
Kakainggit naman yung mga naka bottom pick dito. Maaring gumaya ito sa PGOLD na malamya ang IPO pero babawi in the long run.
And a man, a man provides. And he does it even when he's not appreciated, or respected, or even loved. He simply bears up and he does it. Because he's a man.

- Gus Fring
Pano yun? Eligible sana ako sa divs kaso di ako nakapagconfirm sa broker. Thank you na yun?
hmmm...dami bearish last weekend ah...

IZ & RSA: Lintik lang ang walang ganti! (Babawiin namin networth namin)

hahaha! lolzzz nut
~In all your ways, acknowledge God.

Initializing Bazura Mode...
Can someone help clarify if the following understanding of mine is correct or wrong, thank you very much.
1. Currently SMC owns shares of TFHI and TFHI owns SMC shares. To truly cancel out this cross ownership, SMC must sell/transfer all its TFHI holdings. When this happens, TFHI becomes an ordinary holding company (distinct from SMC) whose asset portfolio will include SMC plus other companies. Then TFHI can infuse new businesses to its portfolio.
2.Next TFHI will do an FOO to ask majority and minority owners/investors to raise capital to acquire companies such as SMC power business. If SMC sells 49% of its power company to TFHI then the value of TFHI increases.
3. SMC power will have its own IPO and plan out its own capital structure.
4. SMC valuation will still be dependent on the next 5 years' cash flow and profitability of its assets --traditional business plus infra, power, airline, mining, etc.

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