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Friday, March 29, 2024

Aboitiz spending P50b next year

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Aboitiz Equity Ventures Inc., the listed holding company of the Aboitiz Group, said it plans to spend P40 billion to P50 billion in 2018 mainly to roll out more power projects.

AEV chief finance officer Manuel Lozano said the 2018 capital expenditure would almost match this year’s spending, as the company continued to secure funding requirements for major power projects.

A major capital spending planned by the company next year is the P13-billion Apo-Agua water project, which is set to be country’s largest private bulk water supply facility with a fully renewable energy-powered water treatment plant.

Under the plan, Apo Agua will supply up to 300  million liters per day of potable bulk water from Tamugan River to Davao City Water District, which will benefit more than 1 million people of Davao City.

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Lozano said construction of the project was expected to start next year while completion would be in 2020.

AEV teamed up with J.V. Angeles Construction Corp. for the water project.

Meanwhile, the planned expansion of the group’s cement plant is expected in 2018 or 2019.

The group said it was also interested regional airport projects that the government planned to bid out.

The conglomerate tapped Vinci Airports of France to form the Maya Consortium to bid for the P108.2-billion regional airports.  The bidding for the bundled airport project was delayed.

AEV is also a part of the planned super consortium that will submit an offer to expand and modernize Ninoy Aquino International Airport, the country’s main gateway.

Other members of the consortium are Ayala Corp., LT Group Inc., Filinvest Group, JG Summit Holdings Inc., Metro Pacific Investments Corp. and Megaworld Corp.

AEV is one the leading conglomerates in the country with investments in power, banking, cement, property, infrastructure and feed mill.

AEV saw its net income decline 7 percent in the first nine months to P17.1 billion, as the company recognized P1.2 billion in non-recurring losses due to foreign exchange losses, revaluation of dollar-denominated loans and pre-termination costs on refinancing.

AEV said minus the one-time non-recurring losses, core net income was flat at P17.1 billion.

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