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Ayala Group spending P264b in 2023 on property, telecom, power businesses

Jenniffer B. AustriabyJenniffer B. Austria
March 12, 2023, 7:45 pm
in Business, Corporate
Reading Time: 2 mins read
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Conglomerate Ayala Corp. said over the weekend it budgeted P264 billion in 2023 capital expenditures to sustain investments in its property, telecommunication and power generation businesses.

Ayala said in a recent analyst presentation about 32 percent of the total capital spending would be allotted to property arm Ayala Land Inc. which plans to aggressively launch residential projects and acquire land for future development.

Telecom unit Globe will also spend $1.3 billion this year, down 32 percent year-on-year. Ayala said Globe’s capital spending would further decline to $1 billion by 2024.

ACEN Corp. earmarked P51 billion to P70 billion in capital expenditures this year depending on the opportunities that may arise.

Ayala said at the parent level, the conglomerate would spend P19 billion to sustain the expansion of healthcare and logistics businesses.

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The conglomerate said it expected to raise P50 billion from divestment from non-core businesses and joint partnerships by 2023.

Ayala said it would “continue to engage with interested parties around potential divestments, despite current headwinds.”

The group raised P31.1 billion in 2022. It sold its concession in the 4-kilometer Muntinlupa-Cavite Expressway to Villiar Group’s Prime Asset Ventures Inc. for P3.8 billion. It also conducted a property-for-share swap with ALI.

It also expressed plans to sell its stake in Light Rail Manila Corp. which operates and maintains LRT Line 1. The proceeds from the divestment would be used to fund future investments and further strengthen the company’s balance sheet.

Meanwhile, it will also seek growth by scaling emerging business units and exploring ways to increase exposure to consumer wallet.

Ayala said it maintains a positive outlook for 2023 as indicators point towards growing consumer demand.

Ayala president and chief executive Cezar Consing earlier said the company’s businesses should get back to or exceed pre-pandemic levels this year.

Tags: 2023 capital expendituresAyala Corp.investmentspower generationspropertytelecommunications
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Jenniffer B. Austria

Jenniffer B. Austria

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