Magellan Capital Holdings Corporation (MCHC), FJP’s only directly owned subsidiary, is involved in the development of and investment in real estate, infrastructure and power generation projects. Established in 1990, MCHC has P689 million in paid-in capital and over P920 million in shareholders’ equity as of December 31, 2007. After the acquisition of the block of shares owned by PSEG Philippine Holdings LLC. in December 2006, FJP owns 94% of the outstanding shares of MCHC and effectively controls and manages MCHC.
MCHC was until December 2006, 28% owned by PSEG Philippine Holdings LLC, a unit of the Public Service Enterprise Group (PSEG), the largest energy holding company in New Jersey and one of the largest in the United States.
MCHC’s total consolidated assets at year end 2007 totaled over P926 million. MCHC’s consolidated gross income in the year ended December 31, 2007 was P28.1 million.
The Chairman of MCHC is Mr. Antonio H. Ozaeta, President of Philippine Trust Company, a former Chairman of the Manila Electric Company and former President of PCI Bank. The President and CEO of MCHC is Mr. Robert Y. Cokeng, who is also President of FJP.
MCHC owns 43% of Magellan Utilities Development Corporation (MUDC). It also owned 100% of Batangas Agro-Industrial Development Corporation (BAID) which on its own and through wholly owned subsidiaries owns 50 hectares of land fronting Batangas Bay which it sold in 2011 to J.G. Summit Holdings, Inc. MCHC owns the entire fifth floor of the Citibank Center Building in Makati. Almost half of the floor is used by FJP as well as MCHC and its subsidiaries as its corporate offices. Most of the other half is leased to FJP’s 30% owned affiliate, Pointwest Technologies Corporation. One unit is leased to Cathay United Bank, one of the largest banks in Taiwan. MCHC has also acquired a 985 square meter lot in Fort Bonifacio for future development into an office or mixed-use building.