Anscor strengthens presence in education, tourism sectors

BY JEFFREY O. VALISNO, BusinessWorld Senior Reporter Listed holding firm A. Soriano Corp. (Anscor) has earmarked $20 million this year for planned investments in health care education and training, as well as in tourism. This, after the company sold last year its stake in port management and business process out-sourcing. Andres Soriano III, Anscor chief executive and president, said the conglomerate aims to boost its investments in International Quality Manpower Services, Inc. (IQMAN), its venture engaged in deployment of registered nurses to the United States. In its report to shareholders released on Monday, Anscor said it is considering a minority stake in a hospital and nursing school in the Visayas to ensure IQMAN has access to qualified nurses. Company officials declined to name said hospital and nursing school. "The addition of an educational institution to [IQMAN] heralds a significant reorientation in our strategic priorities, and will provide the resources to raise our presence in this high-growth sector," Anscor said. Meanwhile, Mr. Soriano said Anscor is currently in negotiations for a possible 10% equity investment in UK-based online hotel booking service Direct Hotels, Ltd., Inc. The investment is estimated to cost Anscor about $500,000. Mr. Soriano declined to divulge further details until the deal is finalized. Mr. Soriano said Anscor will use the proceeds of the sale of its stake in listed port management firm International Container Terminal Services, Inc. (ICTSI) and business process outsourcing company SPI Technologies, Inc. to finance its new investments. Anscor sold its entire 23% stake in ICTSI in May last year to the Razon Group for P5.87 billion and all of its investments in SPI in July last year to e-PLDT for P640 million. The gains from these divestments boosted Anscor’s net income last year. Net income The conglomerate reported Monday that its net income more than quadrupled to P3.04 billion in 2006, from P637.3 million the previous year. "Gross revenues rose from P3.8 billion to P7.9 billion, reflecting these major divestments and substantial increases in sales of Phelps Dodge Philippine Energy Products Corp.," the company said.