FB Roundup Gokongwei family, Yoovidhya family, Ron Shaich
Gokongwei family buys new aircraft
The Gokongwei family, which owns the Cebu Pacific airline, has bought its seventh aircraft delivery for the year from Airbus for $24 billion.
Founded in 1988 as Asia’s first low-cost airline, Cebu Pacific is the largest airline in the Philippines.
Cebu Pacific said that the acquisition was made to strengthen operational resilience while addressing the ongoing demand for air travel.
"This aircraft delivery reaffirms our commitment to providing safe, affordable, and accessible flights for every Juan. We look forward to carrying more passengers to their chosen destinations as we continue to expand not only our network but also our fleet," said Xander Lao, President and Chief Commercial Officer, of Cebu Pacific.
Cebu Pacific, which currently flies to 35 domestic and 25 international destinations spread across Asia, Australia, and the Middle East, operates eight Airbus 330s, 37 Airbus 320s, 22 Airbus 321s, and 15 ATR turboprop aircraft.
The Gokongwei family is currently headed by Lance. He inherited the business together with his siblings, Robina, Lisa, Faith, Hope and Marcia, from his father John who started the family business. He died in Manila in November 2019. The family’s fortune derives from JG Summit, one of the country’s largest conglomerates with interests in banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications as well as Cebu Pacific.
Forbes estimates the family fortune at $3 billion.
Red Bull fuels Yoovidhya family fortune
The Yoovidhya family have remained the richest family in Thailand this year despite the economic pressures on the wealth of all Thai billionaires.
Over the past year, there has been a 15% decline in the Thai Benchmark Stock Index, the baht has declined against the US dollar and investor confidence remains shaky based on concerns about local political stability.
This has led to a 12% year-on-year decline in the wealth of the country’s 39 Thai billionaires, according to Forbes which fell from $173 billion to $153 billion.
The Yoovidhya family was one of the few to buck the trend thanks to the seeming never ending demand for its Red Bull energy drink. It remains the most popular energy drink brand in the world and the third most valuable soft drink brand, behind Coca-Cola and Pepsi. Red Bull’s revenues rose to more than $11 billion last year.
The family is currently headed by Chalerm Yoovidhya who also owns 2% of the group in his own name. His father, Chaleo, founded the company in 1984 together with Austrian billionaire Dietrich Mateschitz as a cure for jet lag. It was based on a drink that he had developed called Krating Daeng. Chaleo died in March 2012. The family has a 51% stake in the group. Forbes estimates that the family is worth $36 billion.
Ron Shaich joins Billionaires Club
Ron Shaich, Managing Partner and Chief Executive of Act III Holdings, has joined the billionaires club as shares in his Mediterranean restaurant chain Cava soar.
The founder and former owner of Pantera Bread – he sold it for $7.8 billion in 2017 to JAB Holdings – then set up Act III Holdings to focus on hospitality and entertainment and to take a stake in other restaurant businesses.
He had taken a major stake in Cava which was founded by three friends who opened its first restaurant Cava Mezze in Rockville in 2011. The chain is now at around 349 locations and has a market capitalisation of $10.8 billion.
The restaurant chain reported a 30.3% jump in revenue in the first quarter this year to $256.3 million. “Driven by our highly portable Mediterranean concept and powerful unit economic engine, we generated our fourth consecutive quarter of net income and our first quarter ever of positive free cash flow,” said Co-Founder and CEO Brett Schulman.
In June last year, Cava sold 14.4 million shares in its initial public offering at $22 each to raise $318 million. Initial indications were that it would perform well in public hands. Shares opened at $42 each after the IPO and they were last seen at almost $95.
“I believe a long-term perspective, a commitment to transformation and industry-specific experience remain the most important contributors to competitive advantage today. I want to help others realise that competitive advantage, so I’m putting my money where my mouth is,” he has said.
Bloomberg estimates that Shaich is worth $1.6 billion.
