Tycoon Andrew Tan’s conglomerate Alliance Global Group Inc. (AGI) on Thursday announced it is earmarking P60 billion in capital expenditures (capex) this year to fund its expansion and investment activities.
In a disclosure to the Philippine Stock Exchange, AGI said it increased its capital spending budget by 33% year-on-year “as it prepares for a further improvement in economic activity with the anticipated increase in mobility. “
The lion’s share or about P50 billion of the conglomerate’s capex will be allocated for its real estate arm, Megaworld, for its plan to offer to the market 14 new projects this year valued at P30 billion as well as its plan to launch about four townships, covering some 500 hectares of land in Metro Manila, Calabarzon, and Mindanao, which will provide the fresh source of revenue for the company moving forward.
About P4 billion will be allotted for AGI’s hotels and hospitality unit Travellers International’s ongoing expansion projects, mainly in leisure and entertainment, amid eased quarantine restrictions.
Meanwhile, around P3 billion will be set aside for Emperador’s ongoing expansion projects overseas.
Another P3 billion will be spent by Golden Arches or McDonald’s Philippines for the expansion of its store network as it plans to launch 45 stores this year, after opening 36 new stores in 2021.
“We are a conglomerate in motion. We believe that with the sectors we are in, we will very much benefit from pent-up spending resulting from the further reopening of the economy,” said Kevin Tan, chief executive officer of AGI.
“Our group anchored itself on stability and recovery over the last two years of grappling with the impact of the pandemic. We have since focused on renewal and revitalization—both pointing to our upbeat, more confident view of the future. This shift in mindset would not have been possible without the insights and innovations derived from such challenging times, and the affirmation that our businesses continued to stand on strong ground,” added Tan.
In 2021, AGI recorded a 132% year-on-year increase in income to P23.8-billion as consolidated revenues grew by 19% year-on-year to P152.8-billion.—AOL, GMA News
Alliance Global earmarks P60B capex for 2022
Source: News Panda Philippines
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