Alliance Global allots P96.7 B to boost growth in subsidiaries

MANILA, Philippines - Alliance Global Group Inc. (AGI), the listed holding company of tycoon Andrew Tan, is spending P96.7 billion this year to bring its subsidiaries to a new level of growth.

During the company’s annual stockholders meeting Tuesday, AGI president Kingson Sian said bulk of this year’s capital budget or P65 billion would go to property unit Megaworld Corp.

Sian said hard liquor subsidiary  Emperador Inc. would get P21 billion, which would be used to continue building its portfolio of brands. About P8 billion would be used to fund the expansion of Resorts World Manila of Travellers International Hotel Group.

“We look forward with utmost confidence and optimism that the years ahead will bring us to a new level of growth on a global scale. We are leveraging on a significant measure of success to pursue greater goals, made more reassuring by a highly consumer-centric portfolio, contributing to the country’s economy,” Tan said.

Apart from property, casino/hotel and hard liquor, AGI is also into the fastfood business via Golden Arches Development Corp., the operator of the McDonald’s fast-food chain in the Philippines.

The Phase 2 expansion of Resorts World Manila consists of the Marriott Grand Ballroom, which formally opened last July 1 while Phase 3 expansion includes major additions to the property that are already in their respective construction phases this year including an extension of Maxims Hotel as well as the rise of other hotel brands Hilton Manila and Sheraton Manila Hotel plus two Megaworld hotels, Savoy and Belmont.

“In the first quarter of 2016, the Marriott West Wing will be completed with an additional 228 rooms,” Alliance Global said.