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Monday, April 14, 2014

George Ty holding firm allots almost P40B for 2014 capex

The listed holding company of tycoon George Ty has set a capital expenditure budget of nearly P40 billion this year, mainly to expand its power generation and real estate businesses.

In a regulatory filing, GT Capital Holdings Inc said Global Business Power Corp (GBPC) is pouring P16.08 billion to construct the 150-megawatt expansion of its 164-megawatt coal-fired power plant in Iloilo. Part of that amount would also fund repairs and maintenance of existing power facilities.

Federal Land Inc is allocating P12.81 billion to develop residential, commercial and retail projects, as well as to finance land banking initiatives.

The parent firm is spending P7.14 billion to acquire direct shares in Charter Ping An Insurance Corp and Toyota Manila Bay Corp (TMBC), as well as to participate in the equity call of GBPC for P2.66 billion.

Metropolitan Bank & Trust Co is investing P2 billion to expand its branch network and renovate existing ones, install ATM machines and upgrade IT systems.

Toyota Motor Philippines Corp is allotting P1.46 billion for capacity expansion, plant rehabilitation and model change.

The balance of the capex will be earmarked for Charter Ping An, TMBC and AXA Philippines.

GT Capital earlier programmed P35-40 billion for its 2013 capex.

The conglomerate's consolidated net income reached P8.6 billion in 2013, up 31 percent from P6.5 billion in the prior year, on the strength of its banking and automotive businesses.

Consolidated revenues surged 359 percent to P105.5 billion from P23.0 billion following the significant growth in revenues from the consolidation of TMPC, Charter Ping An, and GBPC.

Source: Interaksyon

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