![]() ![]() ![]() “We’ve always been transformative, but the speed of transformation is becoming faster,” Sabin says. The group also has interests in feed mills, food manufacturing, cement and real estate. Passenger and cargo shipping, once the group’s largest business, was divested in 2010 as margins shrank amid competition from budget airlines, which at times offered airfares cheaper than ferry tickets. ![]() Starting from a base in Cebu island in central Philippines, successive generations have stuck to the philosophy of their late patriarch Ramon Aboitiz (Paulino’s second son and Sabin’s grandfather), who, according to a book published by the company to mark its centenary, once said: “Never fall in love with your business.”Įrramon, 67, who served as president and CEO from 2009 to 2019, steadily grew Aboitiz Equity’s power business into the country’s second-largest electricity supplier with a current installed capacity of almost 4 gigawatts. The colonial-era company-which traces its roots to Paulino Aboitiz, a sailor from Spain’s Basque region, who came to the Philippines in the late 1800s and built a hemp trading and shipping business-was formally incorporated in 1920 as privately held Aboitiz & Co., the parent of Aboitiz Equity. Aboitiz Equity has constantly evolved to keep its businesses relevant to the times. While Aboitiz’s current makeover is one of the most ambitious taken by the family, such efforts are not new. ![]() Jason Quibilan for Forbes Asia MORE FROM FORBES Billionaire Aboitiz Family And CCEP Agree To Buy Coca-Cola Philippines In Deal Valued At $1.8 Billion By Jonathan Burgos Sabin in his office at the heart of Bonifacio Global City, just outside Metro Manila’s Makati central business district. ![]()
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