Diversified conglomerate Aboitiz Equity Ventures Inc. (AEV) has allocated P69 billion to its capital expenditures this year, with the highest share going to its infrastructure projects for the year.
In a virtual briefing on Monday, AEV chief financial officer Manuel Lozano said P29 billion or 42% of the total spending program will be used for infrastructure projects, including land acquisition, new site developments, and the establishment of telecommunications towers.
“This is probably the first time that our biggest capex component is in our new sector which is infra, to help boost the growth of our newest endeavors namely economic estates, common towers, bulk water, and of course, digital initiatives,” he told reporters.
Lozano said the increased share in infrastructure is in line with the firm’s long-term goal of balancing its portfolio by accelerating the growth of its non-power business units.
AEV’s core businesses are grouped into give main categories: power generation, distribution and retail electricity supply, financial services, food manufacturing, real estate, and infrastructure.
The latest capex program is 152% higher than seen in the previous year, to be funded by a mix of equity infusion and debt.
Lozano noted that the firm is already in talks with lenders for possible financing agreements, on top of funds already generated from earlier bond offerings and stock rights offerings.
“All in all Aboitiz Group’s steady performance and growth powered by strong strategies—well-thought out strategic partnerships—and innovations balanced by prudence and responsibility will continue to create high value reflective of our work and expected by our shareholders and all of our stakeholders,” he said.
Shares in AEV closed Monday up by 5 cents or 0.09% to P56.90 versus last Friday’s finish of P56.85. — BM, GMA News
Aboitiz allots P69 billion to 2022 capex
Source: News Panda Philippines
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