Going Filipino: Singapore GIC invests almost $500 million in 2 Philippine companies
They’re from the food and medical sectors.
Singapore GIC, one of the ten largest sovereign wealth funds in the world, manages more than US$100 billion in assets and has decided to invest a part of those assets in the Philippine market.
A report by Milbank, one of GIC’s financial advisers, reveals that the fund made an approximately US$77 million investment through its private equity arm in the form of an exchangeable loan in Century Canning Corp., parent company of Century Pacific Food (CNPF), one of the Philippine’s largest canned fish and meat dairy products. The investment is exchangeable for shares of CNPF that would give GIC a roughly 11% stake in the company.
The second transaction involves an approximately US$84 million investment in hospital group Metro Pacific Investment Corporation (MPIC). GIC will receive a 14.4% stake in the holding company established by MPIC for its hospital assets,Neptune Stroika Holdings Inc. An approximately US$149 million exchangeable bond that GIC is also providing MPIC will be convertible, under certain conditions, into a 25.5% stake in Neptune.