Aboitiz Group looks at spending P153 billion this year, more than double what was allocated last year and with a big portion going to renewable energy.
The company said further investments are being made to develop retail banking business, support utility infrastructure projects and expand its food group, among others.
AboitizPower Corp. is getting P73 billion, 48 percent of the group capex, with over 1,000 megawatts of RE projects in construction and development.
Aboitiz Equity Ventures Inc. will get P44 billion, 29 percent of total, of which P40 billion is earmarked for the acquisition of Coca Cola Beverages Philippines Inc. , the bottling arm of Coca Cola in the country, to cover for AEV’s 40 percent stake in company.
Aboitiz InfraCapital will have P25 billion to strengthen and optimize existing assets. AIC’s Apo Agua Infrastructura has commenced commercial operations as part of the Davao City Bulk Water Supply Project.
Pilmico and Gold Coin Group will get P4 billion to be used mostly for agribusiness expansion. Pilmico is constructing its Yunnan Mill in China, due to be completed the second quarter of this year while Long-An feedmill in Vietnam is nearing completion by the second quarter this year.
AboitizLand will receive P3.3 billion to support ongoing projects. It plans to launch the second building of The Strides at LIMA.
