In 2024, the Yuchengco-led House of Investments, or HI, will take a bold step in shifting its focus on financial services as a core investment replacing construction.

In a report to the stock exchange on Monday, HI disclosed that the initial part of the diversification includes a P15.7 billion share swap agreement and the acquisition of a 184-hectare property in Tarlac through a newly incorporated and wholly-owned subsidiary, Tarlac Terra Ventures Inc.

HI's decision to cut its exposure in the construction industry with EEl is aimed at optimizing its organizational structure and bolstering its portfolio.

Putting in the groundwork

"Aiming to be an extensive conglomerate, we are putting in the groundwork necessary to make HI a bigger and better company," HI director, president and chief executive officer Lorenzo Tan said.

"This initiative is centered on the reorganization of the group to amplify its overall value proposition, demonstrating HI's continuous business development and its pursuit of growth opportunities across multiple sectors," he added.

Pending the release of the SEC approval for an increase in its authorized capital, HI will hold 77.32 percent of MICO Equities Inc. which owns Malayan Insurance Co. (Non-life Insurance) Inc.; 51 percent of Sun Life Grepa Financial Inc. (Life Insurance); and 49 percent of Grepa Realty Holdings Inc., or GRHI.