ATN ups capital budget to boost annual output
ATN Holdings, Inc. said its board of directors has approved “additional major investments” in capital equipment amounting to P150 million for this year and P250 million for next to meet a 5 million-ton yearly production capacity to support the government’s massive infrastructure projects.
It told the stock exchange that in a special meeting of the board on Friday, the directors have approved the capital outlay, which the company said was consistent with President Rodrigo R. Duterte’s “Build Build Build” program and “Ambisyon Natin 2040” for the Philippines.
It cited a number of factors for the investments in capital equipment, including the “critical rock supply deficit situation in Mega Manila.” It also noted that for the greater public interest it intends to accelerate excess rock removal and crusher capacity, and to supply massive rock aggregate and armor boulders needed for a 2,000-hectare Manila Bay land reclamation project.
It also mentioned other projects such as the 177-hectare project and airport expansion in Clark, Pampanga, a flood control project along the 22-kilometer Marikina-Pasig River, and the San Miguel Corp. metro rail transit (MRT) 7 from Bulacan to north EDSA.
ATN Holdings said its projected investment was meant to meet the requirements of the Japan North Rail Project, Japan Subway Project, C6 Road project to connect NLEX to SLEX.
The projects will amount to P8 trillion for 2017 to 2022, the company said.
ATN, previously a mining company, became a holding company in 1996 engaged in real estate, land development, energy and health care services.
On Friday, shares in ATN climbed 7.94% to P0.68 each. — V. V. Saulon
