By Anna Gabriela A. Mogato
LISTED investment holding firm Alliance Global Group, Inc. (AGI) said it will be allocating P240 billion in capital expenditures (capex) to be spent over three years until 2020.
In a disclosure to the Stock Market on Tuesday, the Andrew L. Tan-owned company will be using the bulk of its capex for expansion and development projects.
AGI plans to ramp up its leasing capacities in office buildings and lifestyle malls, as well as set up more branches for its local McDonald’s franchise.
Over the next three years, the company will also seek to improve its land banking, hotel, and integrated resorts operations.
Noting both domestic and global economic developments, AGI Chief Executive Officer Kevin L. Tan in a statement said that they “remain cognizant of the vast opportunities in the market; hence, our continued aggressive capital spending.”
“The bulk of our planned capex will be funded internally, leaving only a small portion that will need bank financing,” he said. “Be assured though that we will always maintain financial prudence and keep our gearing at reasonable level.”