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JG Summit sets P80-B capex for expansion

Updated

By James A. Loyola

JG Summit Holdings, Inc., the flagship of the Gokongwei group of companies, is earmarking P80 billion for capital expenditures in 2018, almost double the P43.5 billion spent last year.

 

JG Summit President Lance Gokongwei

JG Summit President Lance Gokongwei

In an interview after the firm’s annual stockholders meeting, JG Summit President Lance Gokongwei said the capex will fund the expansion of its property development, petrochemicals, airline and consumer businesses.

Robinsons Land Corporation accounts for the biggest share of the capex at P30 billion this year while the JG Summit Petrochemicals group will be investing P20 billion.

Cebu Pacific will spend a little over P20 billion and Universal Robina Corporation will be allotting P7 billion to P8 billion for capital expenditures. The balance will be spent by its smaller business such as Robinsons Bank Corporation.

Gokongwei added that the group has already used up P11 billion for capital expenditures in the first quarter of 2018.

“For RLC, we will continue to sustain our expansion for our business portfolio. For our malls, we will continue our expansion this year. We expect to reach 1.5 million sqm for malls, by expanding our gross leaseable area by 9 percent,” said Gokongwei.

For offices, he said RLC will continue to open new office towers which will increase its office GLA to almost 500,000 sqm by the end of next year. RLC will also continue to develop new hotels and residential projects.

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