Ray Davis is the Chairman of Mabuhay Capital. He is a senior investment banker with international M&A and Restructuring expertise with a distinguished track record in completing complex transactions, particularly in situations involving troubled companies. He is experienced in many industries including banking, utilities, energy, manufacturing, automotive, telecommunications, airline, cement, pulp and paper, retail, infrastructure and steel.

Ray has extensive experience in Asia, Europe, Canada, US, Latin America and the Middle East. He was the most active investment banker advising clients in Restructuring in Mexico following the Peso Crisis and in Indonesia following the Asian Crisis. He represented the Republic of the Philippines, Department of Finance in the privatization and restructuring of government-owned entities in 2006 to mid-2007.

Ray’s experience spans commercial, public sector and academic fields. He spent 21 years in investment banking, most recently as a Managing Director in Credit Suisse First Boston’s M&A and Distressed Finance Groups. Previously, he headed Lehman Brothers’ Restructuring Group and had prior experience in Lehman’s Oil and Gas and Project Finance Groups. His public sector experience includes work for the US Department of Energy during the 1977-1981 Energy Crisis, as an Engineer in Ecuador with the Instituto National de Electrificación installing power plants, and as a volunteer with the US Peace Corp. Ray’s academic experience includes faculty appointments in the Schools of Business Administration at Emory University and Temple University.

Ray holds a B.S. Degree in Mechanical Engineering from the University of Pennsylvania, an MBA from Temple University, and a Doctorate in Business Administration from Indiana University.

Lito Sibayan is President and CEO of Mabuhay Capital. Prior to forming Mabuhay Capital, Lito was Vice-Chairman, Investment Banking-Philippines, and Philippine Country Manager for Credit Suisse First Boston (CSFB).

Lito has spent the last 30 years in Investment Banking, with experience spanning Securities Sales and Trading, Capital-Raising and Mergers & Acquisitions Advisory. Lito established CSFB’s representative office in Manila in 1998, which he later migrated to a Branch. Lito and his team were responsible for CSFB’s cross-border investment banking services to both corporate and government clients. His clients included major Philippine Companies and Government Agencies as well as international firms investing or divesting assets in the country. Lito’s team raised over USD 7 billion for the Philippine Government and Philippine Companies from bond flotations, equity placements, structured financings, and foreign strategic sales. Lito was Lead Advisor to the Philippine Government on the sale of PSALM’s TRANSCO and GENCO’s. He was advisor to PLDT, ABS-CBN, and Meralco on their liability management programs, to Deutsche Telecomm on the sale of its stake in Globe, to Insular Life on its demutualization plans, to Benpres on its Debt Restructuring and to a number of banks and corporates on their funding programs and strategic initiatives. CSFB was voted the ‘Top Foreign Investment Bank’ in 2002 and 2003 by Finance Asia. CSFB was also recognized by Asia Money as ‘Best in M&A’ in 2003 and 2004.

From 1987 to 1997, Lito was based in London and New York, doing International Fixed Income Sales and Trading. He started with Merrill Lynch as an Associate in International Fixed Income Marketing in New York. In late 1988, Lito moved to DeutscheBank where he later became Director and Head of International Fixed Income Sales. His team’s clients ranged from central banks, official and supranational institutions to insurance companies, mutual, pension and hedge funds, and bank/corporate treasuries in the Americas. Products included Government, Euro, and Brady bonds and related derivatives. In November 1993, Lito joined Natwest Markets in New York where he set up their International Fixed Income Sales and Trading operation for the Americas. He moved to London in January 1995 where he ran International Fixed Income Sales for Europe, the Middle East, and the Americas. His team brought in close to 200 new accounts and doubled trading volume in his first year.

Lito obtained his MBA from the University of California in Los Angeles and his B.S. Chemical Engineering from De La Salle University – Manila. Lito is currently an Independent Director at listed companies SM Prime and Apex Mining. He is a regular Director at listed A.Brown & Co.

Barbara Torres is a Director at Mabuhay Capital. Prior to joining Mabuhay Capital, Barbara was a Director at S3 Financial Advisory, Inc., a Philippine boutique advisory firm, and a Manager at KPMG Corporate Finance Pte Ltd in Singapore. Through the years, she has also held various positions with Buenaventura Echauz & Partners, Investment & Capital Corporation of the Philippines, and AB Capital and Investment Corporation.

Barbara has worked on public and private equity offerings/placements, debt syndications, debt restructuring, and company valuations across a range of industries including manufacturing, semiconductors, steel, property, and medical services. She also did a stint with a Philippine venture capital fund, where she was involved in reviewing potential investments. At KPMG Corporate Finance, her focus was on real estate transactions, working on rasing funding for hospitality and real estate development projects in Singapore, China, India, and Vietnam.

Barbara obtained her Master in Business Management from the Asian Institute of Management, and a graduate of B.S. Management from the Ateneo de Manila University.