F & J Prince Holdings Corporation (FJP) is a holding company. At present, its principal assets are its shares in its subsidiary, MCHC, which is currently invested in real estate assets and in bond investments. Most of FJP’s indirect operating subsidiaries, i.e. MCHC’s subsidiaries, are in development of infrastructure projects, as well as landholding and development. FJP also owns 30% of Pointwest Technologies Corporation, a software servicing and development company and 35% of Business Process Outsourcing International, Inc. (“BPOI”) which it acquired in 2004 and 2005.
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.
Magellan Utilities Development Corporation (MUDC) is an MCHC project company developing a 320 MW Power Project in Pinamucan, Batangas. MCHC directly owns 43% of MUDC. GPU Power Philippines, Inc., a unit of GPU Corporation (GPU), former U.S. parent company of the Manila Electric Company (MERALCO), owns 40% of MUDC. The MUDC project has been shelved due to problems perfecting its power supply agreement with Meralco.
Established in 2003 with FJP as one of the founding shareholders, Pointwest Technologies Corporation (PTC) is a global service company offering outsourced IT services from the Philippines. It is led by an experienced management team that helped pioneer offshore outsourcing in the Philippines. Among others, it offers software servicing, maintenance, testing and development to various clients, mostly in the United States. Your Company owns 30% of PTC. PTC has been profitable since its inception and has grown to a staff of over 700 professionals and a revenue in 2011 of almost US$20 million.
Business Process Outsourcing International, Inc. (BPOI) is a provider of accounting and finance related services such as payroll services, internal audit, payables processing and others. It has a total staff of 300 servicing many of the multinational and large corporations operating in the country. BPOI was spun off from the BPO Department of SGV & Co., the biggest auditing firm in the country. FJP now owns 35% of BPOI after it acquired another 8.75% in 2005. BPOI has consistently been profitable and has grown to a staff of over 500 professionals.