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Friday, March 29, 2024

Alliance Global investing P240 billion in next three years

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Conglomerate Alliance Global Group Inc., the holding company of billionaire Andrew Tan, earmarked P240 billion in capital expenditures for the next three years, as it accelerates the expansion of its property, liquor, gaming and leisure, and infrastructure businesses.

Alliance Global chief executive Kevin Tan said during the annual stockholders meeting that the programmed capital spending would sustain the growth of the company as it continued to see opportunities amid current market conditions.

“We are mindful of the current domestic and global economic developments, but we remain cognizant of the vast opportunities in the market; hence, our continued aggressive capital spending,” Tan said.

Tan said bulk of the P240 billion programmed spending would be allotted for property unit Megaworld Corp. and leisure and gaming arm Travellers International Holdings Group Inc.

Megaworld is looking to expand its office and mall gross leasable space to 2 million square meters by 2020 to boost its rental income to P20 billion.

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Megaworld is also building a portfolio of 12,000 hotel rooms over the next three to five years.

Travellers International is currently completing phase 3 of Resorts World Manila, which would have three new hotels”•Hilton Manila, Sheraton Manila Hotel and Hotel Okura Manila. It will also add 14,000 square meters of gaming space, doubling Resorts World Manila’s gaming capacity.

Travellers International started to develop its second integrated leisure and resort development called Westside City in Entertainment City. The master plan for the project is currently being finalized and the company is looking at the soft opening of the casino by 2021.

Meanwhile, Golden Arches Development Corp., which owns the local franchise for McDonald's in the Philippines, is putting up more stores as it aims to have 1,000 stores over the next few years.

Tan said liquor unit Emperador was looking to further expand its portfolio of domestic and international liquor brands through more product introductions.  Emperador also aims to intensify its global presence, using Whyte and Mackay’s route-to-market network in 102 countries, targeting mainly the markets in Asia, North America, United Kingdom, Europe, and the Middle East.

Tan said the bulk of programmed expenditures would be funded internally.

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