JG Summit Holdings, Inc.

JG Summit Holdings, Inc. (JGS), which is controlled by the Gokongwei Family, was incorporated in November 1990 as the holding company for a group of companies with substantial business interests in branded consumer foods, agro-industrial and commodity food products, property development and hotel management, telecommunications, air transportation, petrochemicals, and international capital and financial services. In addition, JGS has business interests in other sectors, including power generation and insurance.

The Company conducts its businesses throughout the Philippines, but primarily in and around Metro Manila and in the regions of Visayas and Mindanao. JGS, through its subsidiaries, also have branded foods businesses in the People's Republic of China and the ASEAN region, including an interest in a property development company in Singapore. JGS' subsidiaries and affiliates include listed companies Digital Telecommunications Philippines, Inc., CP Air Holdings Inc., CP Air Holdings Inc., JG Summit Petrochemical Corp., Robinsons Savings Bank Corp., First Private Power Corporation, Robinsons Land Corporation, JG Summit (Cayman), Universal Robina Corporation, JG Summit Philippines Ltd., JG Summit Limited, JG Summit Capital Services Corporation, Express Holdings, Inc., and Unicon Insurance Brokers

Source: SEC Form 17-A (2009)

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SEC clears merger of Gokongwei banks

THE Securities and Exchange Commission (SEC) has approved the merger of the two banks of JG Summit Holdings Inc.

In a disclosure to the Philippine Stock Exchange, the holding firm of the Gokongwei family said the corporate regulator approved the merger of Robinsons Bank Corp., formerly the Royal Bank of Scotland (Philippines) Inc., and Robinsons Savings Bank Corp. with the former as the surviving entity.

The Bangko Sentral ng Pilipinas already gave its approval to the said merger in December 2010.
“In the light of the SEC approval, Robinsons Bank Corp. emerges as the surviving commercial bank entity, bigger and stronger and with greater capacity to serve and offer its clients with a wider array of innovative products and services,” the bank said in its website.

The merger will enable JG Summit to get back in the mainstream commercial banking business, as it aims to be a Top 10 commercial bank in the next 10 to 20 years through acquisitions and organic growth.

Sun ‘unli’ to get better, reach even more subscribers under PLDT ‐ Gokongwei

Sun Cellular’s ‘unli’ services will get better and reach more people, particularly those with limited budgets, under PLDT which has a bigger network that uses fiber optics for better connectivity.

Lance Gokongwei, Digitel director and President of JG Summit, yesterday said in a statement before a Senate hearing on PLDT’s acquisition of Digitel that the deal would definitely benefit the public and as such conforms with its franchise terms which are founded on public service.

With PLDT’s reach, fiber optic backbone, and stable network quality, Sun’s ‘unli’ would grow and deliver better service, he said.

“This is the greatest benefit of this transaction, and consumer satisfaction from a bigger and quality network is really what our franchises are for,” he added.

Digitel and Sun Cellular pioneered on making telecommunications services affordable to the most number of people and this business model was so successful it forced both Smart and Globe to offer
their own ‘unli’ versions not just for voice but for internet as well, he said.

PLDT, he said, recognized the value of Sun and its ‘unli’ moving forward, and decided to buy Digitel.

Together, these two companies can further improve Sun’s ‘unli’ services and there are no bigger beneficiaries but the public.

Press Release of JGS: http://www.pse.com.ph/html/disclosure/pd...51_JGS.pdf
Subsidiary merger approved

GOKONGWEI-LED JG Summit Holdings, Inc. has secured regulatory approval to absorb three wholly owned subsidiaries, the holding firm told the bourse on Friday.

"Please be advised that the Securities and Exchange Commission (SEC) has approved the merger of Litton Mills, Inc., JG Cement Corp. and Premiere Printing Co., Inc. with and into JG Summit," the company said in a disclosure.

SEC records show that the merger was approved on May 27.

JG Summit buys stake in Magellan Capital unit

JG SUMMIT Holdings, Inc. has acquired a stake in a firm which had earlier sold property to the Gokongwei-led company.

"JG Summit entered into a sale purchase agreement with Magellan Capital Holdings Corp., for the purchase of the shares held by Magellan Capital Holdings in one of its wholly-owned subsidiaries, consisting of 25 million common shares," the company said in a disclosure on Friday.

"It is just a holdings company that owns a property that we bought," Bach Johann M. Sebastian, senior vice-president and head of corporate planning of JG Summit, said in a text message.

He declined to elaborate.

Magellan Capital subsidiaries include real estate firms Pinamucan Industrial Estates, Inc., and rBatangas Agro-Industrial Development Corp.

Shares in JG Summit, which was incorporated in 1990, rallied by 1.56% or 40 centavos to P26 each on Friday. -- Neil Jerome C. Morales

Probable idea on why JGS bought Magellan Capital Holdings Corporation can be seen in the posting of FJP thread. Smile
Let us see if JGS will be true to its word when they said last year that they will declare cash dividends starting year 2010. Last year cash dividend was 0.050 Regular Cash (Bloomberg - JGS : PM) and I expect a cash dividend to be declared on or before their ASM on July 7, 2011.

JG's $800-M naphtha cracker plant on track for 2013 completion

MANILA, Philippines — The country’s first naphtha cracker plant worth $700 million to $800 million by JG Summit Olefins Corp. is on track for completion by late 2013, said Lance Gokongwei, president of holding firm JG Summit Holdings Inc.

Gokongwei told reporters at the sidelines of the Philippines-Singapore Business Conference and Business Matching on Friday they have already completed site preparation for its project, which is located in barangay Simlong, Sto. Tomas, Batangas.

“We are on track. We are now in the erection phase. We have completed the roads and already ordered the furnaces, compressors and power plant,” Gokongwei said.

Once completed, the plant will produce 320,000 metric tons of ethylene. It is also expanding its existing polyethylene (PE) facility from 200,000 MT to 310,000 MT annually.

“The capacity is more than enough to serve the entire requirements of the country, so we are going to export to Vietnam and China ,” he said.

He said that 30 percent of its PE production but the ethylene is all for internal use.

“Project financing is primarily from the holding company and some borrowings,” he said.

The Gokongweis are also putting up a 4-megawatt co-generation power plant using waste materials from the naphtha cracker.

The power generated from the plant would be for the exclusive use of the naphtha cracker plant. The power plant is expected to start commercial operation at the same time the naphtha cracker plant goes into full commercial operation in 2014.

The Gokongwei naphtha cracker plant would be the country’s first and is expected to provide some stability to the petrochemical industry in the country, especially in the production of plastics products.

Comparatively, most ASEAN countries have more naphtha cracker plants. Thailand has 9, Singapore 8, Malaysia 7, Indonesia 2 and Vietnam has one.

The naphtha cracker plant was originally registered with the BoI in 2005 under the JG Summit Petrochemical Corp. but was revised in 2008 under an entirely new unit – JG Summit Olefins Corp. (BCM)

Source: mb.com.ph


JG Summit expects P8-B recurring income in 2012

MANILA, Philippines - JG Summit Holdings Inc., the investment vehicle of the family of taipan John Gokongwei, said it expects to receive P8 billion in recurring income from core operating businesses and investments by 2012.

On the sidelines of the company’s annual stockholders meeting yesterday, JG Summit president and chief operating officer Lance Gokongwei said the holding firm will continue to post strong growth and cash-generating abilities.

“We are confident that your company will be in the forefront to show notable earnings performance,” said Gokongwei, as he pointed out that the company has even increased its capital spending this year.

JG Summit is expected to receive cash dividends amounting to $58 million from food and beverage unit Universal Robina Corp. (URC), $28 million from budget carrier Cebu Air, $21 million from Robinsons Land Corp. (RLC), and $12 million from United Industrial Corp. Ltd.

Gokongwei said the company is also expected to receive $74 million in cash dividends from its eight percent investment in Philippine Long Distance Telephone Co. (PLDT).

Other companies under JG Summit’s wings are Digital Telecommunications Philippines Inc. (telecommunications), JG Summit Petrochemicals Corp. (petrochemicals), and Robinsons Savings Bank (banking services).

URC is one of the leading pan-Asian food and beverage companies and is also a major player in agro-industrial and commodity businesses in the Philippines. It is known for manufacturing and distributing high-performance products such as Chippy, Nova and other snack foods under the Jack n’ Jill brand, Hunt’s tomato-based products, and C2 instant drinks.

RLC, on the other hand, is one of the country’s leading real estate developers in terms of revenues, number of projects and total project size.
Although the country’s telecommunications market continues to be largely dominated by Smart Communications and Globe Telecom, Sun Cellular (the wireless mobile brand of Digitel Mobile Phils. Inc.) has made some headway by increasing its subscriber market share from 12 percent as at end-2008 to 16 percent as at end-2010.

Last month, JG Summit announced its plan to relinquish control of Digitel to PLDT in a deal valued at P69.2 billion. In exchange, the Gokongwei-owned holding company will acquire a 12.8 percent stake in PLDT, equivalent to one board seat on the 13-member board.

Cebu Air’s Cebu Pacific, meanwhile, maintained its lead in the domestic passenger market, flying 8.93 million passengers last year or an increase of 15 percent from the 2009 level. This gave the airline a 48 percent share of the domestic market. The carrier has been successful in its low-fare, great-value strategy.

On the other hand, JG Summit Petrochemicals Corp. has dominated the market it serves, which are the small, medium and large plastic converters in the Philippines. The company has commenced construction of a naphtha cracker plant on the site of its existing complex in Batangas.

The project will be the first naphtha cracker plant in the Philippines, which would complete the integration of the domestic petrochemical industry, specifically in olefins and poly-olefins.

Based on assets, Robinsons Savings Bank (RSB) ranked among the top 10 savings banks in the thrift bank sector as of end-September 2010. RSB currently has 56 branches and a nationwide network of 102 ATMS under the Bancnet consortium.

Source: philstar.com

JG Summit Holdings, Inc. (JGS)
Recommendation: Buy on weakness
GOKONGWEI-led JG Summit Holdings, Inc. has received a “buy on weakness” tag from A&A Securities, Inc. as share prices could fall next month.

the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
JG Summit records weaker results

CONGLOMERATE JG Summit Holdings, Inc. posted a 4.19% profit drop in the second quarter as higher fuel and commodity prices hurt its airline and food manufacturing units.
The Gokongwei-led firm reported P3.2 billion in net income for April to June in a disclosure yesterday, versus P3.34 billion recorded in the same period last year.

Revenues -- derived from food, airline, telecommunications, real estate, petrochemicals and banking businesses -- jumped by 17% to P36.33 billion in the second quarter.

But cost of sales and services surged by 31% to P22 billion from P16.79 billion last year while operating expenses gained 16.83% to P8.54 billion from P7.31 billion year on year.

The latest figures brought first-half earnings to P5.98 billion, 26% lower than year-ago levels.

Source: bworldonline.com


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