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Philippines-listed Alliance Global (AGI) has announced its upcoming plans, as well as new directors, after its recent annual stockholders’ meeting.
In regards to the company’s direction and goals, it will be allocating a capital expenditure (CAPEX) of PHP75bn (US$1.29bn) this year to “sustain its recent growth pace.” This was an increase of 19% from its actual spend of PHP63bn (US$1.08bn) in 2023.
The bulk of the CAPEX, PHP55bn, would be allocated for Megaworld to “expand its real estate portfolio to 35 townships this year with the launch of new developments outside of Metro Manila.”
PHP10bn would go to Travellers International for its ongoing expansion project Newport World Resorts complex in Pasay City and its Westside City development.
“AGI remains steadfast and dedicated to driving growth across all its business segments, mindful of its goal to elevate global consumer preferences through aspirational product offerings,” AGI President and CEO Kevin Tan said during the meeting.
Also mentioned was the election of its Board of Directors.
Andrew Tan, Kevin Tan, Katherine Tan and Lourdes Gutierrez-Alfonso were elected as regular directors while Jesli A. Lapus, Enrique M. Soriano III, and Anthony T. Robles were elected as Independent Directors.
Punongbayan & Araullo were named as the company’s Independent Auditors for the current calendar year.
In June previously, Alliance Global refuted claims of financial scandal over the change of Newport Resorts’ senior leadership.
