The First Pacific group concerns itself with consumer, telecommunications, property and banking businesses.
Worries surrounding the group's convertible bond commitments have driven the company's share price down, but the successful sale of Thai conglomerate Berli Jucker for US$125 million and Indonesian pharmaceutical company Darya-Varia for US$35 million, together with the security of a US$200 million loan facility, means meeting looming bond payments should present the firm with no problems.
As First Pacific concentrates on reducing debt, an ING Barings report has maintained a 'buy' recommendation on company stock, with a 12-month price target of HK$1.48.
'Getting debt levels under control is highest on [First Pacific's] list of priorities as the company sees this factor as having the greatest influence over the share price at present,' wrote Barings.
The sales also give the impression First Pacific is focused on core businesses - instant-noodle maker Indofoods and Philippine Long Distance Telephone.
Graphic: NOW13gwz
