University Gokongwei and Sy bid for major stake
University Gokongwei and Sy bid for major stake
Gokongwei and Sy bid for major stake
Tags:
April 27, 2014
Tags:
April 27, 2014

Two prominent Filipino-Chinese tycoons are vying for two-thirds plus one shares in the planned initial public offering of DLSU. John Gokongwei Jr.’s JG Summit Holdings Incorporated and Henry Sy Sr.’s SM Investments Corporation are the two leading entities eyeing majority stake in the University.

 

“We are excited to bring two of the biggest and wealthiest men in Philippine business to the University as potential shareholders. We envision the partnership between either corporations to be akin to Ateneo de Manila University’s partnership with Manuel V. Pangilingan’s Philippine Long Distance Telephone Company (PLDT) and SMART Telecomunications,” tells DLSU President and Chancellor Br. Ricky Laguda FSC.

 

Hans Sy, First Executive Vice President of SM Investments Corporation, shares his family company’s plans for the University. This includes funding the construction of residence halls in the Science and Technology Complex campus and subsequent management through its real estate arm, SM Development Corporation. Sy plans to grant the Univeristy prime real estate near SM Mall of Asia in Pasay City, and to open 250 jobs exclusively to Lasallian graduates in all business under SM Investments Corporation every term.

 

Speaking to The LaSallian, Kristine Jeanifer Carbonel, spokesperson for SM Investments Corporation says, “DLSU will be the crown jewel of our educational portfolio. We have the edge over other proposals by having the experience of managing educational institutions.” SM Cares, its foundation, includes National University and Asia Pacific College under ts educational arm.

 

The center point of the plan of JG Summit Holdings, on the other hand, is the construction of another building in the Taft campus. Fronting the Henry Sy, Sr. Hall where the Cory Aquino Democratic Space is currently situated, the proposed 50-story Robina Hall will dwarf its neighboring buildings, according to Lance Gokongwei, President and Chief Operating Officer of JG Summit.

 

It will assume the title of the Philippines’ tallest educational building, inheriting the title from the Br. Andrew Gonzalez Hall. It will be a mixed-use building with additional classrooms, residential space for students and faculty, retail and commercial spaces, and parking levels.

 

Lorenzo Quintos, personal spokesperson of John Gokongwei, Sr., said that JG Summit Holdings has been fostering education in the Philippines through the Gokongwei Brothers Foundation. “It has donated to many educational institutions including Ateneo de Manila University, Immaculate Conception Academy, Sacred Heart School, and Xavier School. We have great plans for De La Salle University,” Quintos adds.

 

The Gokongwei family’s involvement with the University begun in the 1990s when John Gokongwei, Jr. donated to the College of Computer Studies which just transferred to the then-new INTELLECT (Information Technology Lecture) Building. This was eventually renamed as the Gokongwei Hall after his parents. Recently, the Gokongwei Brothers Foundation donated 250 million pesos to the engineering programs thus renaming the college as the Gokongwei College of Engineering (GCOE) last 2011.

 

The Sy’s involvement with the University has been more recent with the donation of P300 million last 2010 which jump-started the construction of the Centennial Hall. The building, currently holding a number of administrative offices and the Learning Commons, was later renamed after the patriarch of the family, Henry Sy, Sr.

 

Representatives of Sy and Gokongwei are expected to be present in the investor’s roadshow to be held any time in June.