Yuchengco firm takes control of Funeraria Paz
Date Published: March 26, 2019
MANILA, Philippines — Listed House of Investments Inc. (HI), one of the four major flagship corporations of the Yuchengco Group of Companies (YGC), beefed up its afterlife service business by raising its stake in La Funeraria Paz-Sucat Inc.
The investment holding and management company with a diversified portfolio acquired additional shares of La Funeraria Paz-Sucat for a controlling interest of 63 percent from 37 percent.
“The total acquisition cost is less than 10 percent of HI’s stockholders’ equity,” the company said in a disclosure to the Philippine Stock Exchange (PSE).
Aside from La Funeraria Paz-Sucat, HI also has a 25.98 percent stake in Manila Memorial Park Cemetery Inc. It is the recognized market leader in afterlife services and sells memorial lots and owns, operates, and maintains memorial parks.
HI, founded by the late taipan Alfonso Yuchengco in 1959 as an investment bank, has evolved and its core business now focus on car dealership, construction, education as well as project and property management.
Its portfolio investments are in pharmaceuticals, energy, afterlife services, and consumer finance.
HI owns a majority stake in EEI Corp., one of the largest Philippine construction and general contracting firms having domestic and international operations spanning from Asia to the Kingdom of Saudi Arabia.
HI also owns a majority stake in iPeople Inc., which owns the Malayan Education System Inc. under the name of Mapua University.
It wholly owns Landev Corp., which is primarily engaged in property management and project management for the YGC and provides comprehensive security services to leading installations through its subsidiary, Greyhounds Security and Investigation Agency Corp.
Other subsidiaries include HI-Eisai Pharmaceuticals Inc., Petro-Energy Resources Corp., Zamboanga Industrial Finance Corp. and RCBC Realty Corp. — Lawrence Agcaoili