Alliance Global sets P20-B for 2009 capex

ABS-CBN News

Posted at Feb 09 2009 05:42 PM | Updated as of Feb 10 2009 01:42 AM

Alliance Global Group Inc. has earmarked P20 billion for capital expenditures this year, of which bulk would go to property development, its chairman Andrew Tan said Monday.
 
Tan said the company has planned various projects in the office, residential and hotel segments in key sites within Metro Manila. These projects would support 50,000 jobs in the local construction industry, he added.
 
"We are moving at full strength this year despite the deepening global crisis," said Tan.
 
Alliance Global is set to finish in 2009 more than 100,000 square meters or five buildings of office space catering to the business process outsourcing sector. These will accommodate around 14,000 jobs in the BPO sector beginning this year until 2010.
 
Alliance Global is also hiring 3,500 new people through its tourism subsidiary, Travellers International Hotel Group Inc., for the two hotels it is opening this year. 
 
The company's other core businesses are property development and investment, food and beverage and quick service restaurants. 
 
Two months ago, Alliance Global allotted P1.5 billion to support its ongoing share buyback program. The amount was taken from the proceeds of its international offering in 2007.
 
The company earlier forecast to end 2008 with a net profit of about P3.90 billion, 18.5 percent higher than the P3.29 billion it posted a year earlier.