LT Group Inc., the listed holding company of tycoon Lucio Tan, plans to build a manufacturing facility for non-alcoholic beverage outside the Philippines as a part of its Asean expansion.
LT Group president Michael Tan said in an interview following the annual stockholders meeting that unit Asia Brewery Inc. planned to expand in Southeast Asia, particularly for non-alcoholic beverage like water, juice and energy drinks.
“That is the strategy. If we go out, it will be for non-alcoholic beverages,” Tan said. “We hope to make a announcement soon.”
Non-alcoholic brands under Asia Brewery include Absolute, Cobra, Coco Fresh, Summit, Vitamilk, Barista Iced Coffee, Nestea and Sunkist. Asia Brewery also has an existing joint venture with Calidad Pascual of Spain for distribution of dairy products in Southeast Asia.
Meanwhile, LT Group plans to allocate P10 billion for capital expenditures this year, up from P7 billion it spent last year.