MANILA - Universal Robina Corp. (URC) said Monday it allotted P7.2 billion in capital expenditures this year for its expansion both in the Philippines and overseas.
An estimated P4.8 billion will be spent for expansion of capacities and improvement of handling, distribution, and operational efficiencies throughout its branded food business, the company told the stock exchange.
New facilities are planned in the Philippines, Malaysia, Thailand, Indonesia, and Vietnam, it added.
URC said P1.45 billion of the budget will be spent for its commodity foods group for flour mill construction, sugar business expansion, and maintenance.
Another P950 million will be spent for the agro-industrial group for sow level expansion, farm improvements, and handling facilities for the feeds division.
URC spent P7.81 billion in capital expenditures in fiscal year 2016 for its wafer and coffee mixing lines, and the upgrade of its beverage facilities in the Philippines.
URC shares went down 1.03 percent to P173.20 on Monday.