Gokongwei holding firm earmarks P41.3B capex
Conglomerate JG Summit Holdings Inc. of bilyonaryo John Gokongwei Jr., has allotted P41.3 billion in fresh capital outlay this year to grow its food and beverage, property, airline, petrochemicals and banking businesses.
The amount is lower than the P49.5 billion spent the previous year.
Bulk of this year’s programmed budget or P17 billion will be used to bankroll the development of new shopping malls, office buildings, residential projects and hotels as well as for land banking.
For this year, property unit Robinsons Land Corp. opening four new malls and expanding an existing one. It is also in the process of completing two office developments.
Apart from this, RLC is set to launch the P6 billion Westin Residences Tower in the Ortigas central business district.
Food manufacturing arm Universal Robina Corp. will get the second biggest funding with P9.5 billion going to the expansion of various consumer branded food and drink products both here and in Southeast Asia.
URC is constructing its sixth biscuit factory in Thailand and new office and warehouse in Myanmar. A new building plant in Indonesia is also under construction.
The balance will be used for the aggressive expansion of Cebu Air’s fleet, possible expansion of the petrochemicals business as well as for capital costs of Robinsons Bank Corp.