MANILA – Andrew Tan-led Alliance Global Group Inc. will spend an estimated P97 billion for capital expenditures this year to fund the expansion of its property and liquor businesses.
From the total amount, Alliance Global will spend P65 billion for Megaworld Corp., P21 billion for Emperador Inc., P8 billion for Travellers International Hotel Group Inc., and P2.7 billion for Golden Arches Development Corp.
Kingson Sian, Alliance Global executive director, said the company is confident in hitting its targets moving forward.
“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,” Sian said.
The firm’s property arm, Megaworld, is on track to meet its reservation sales target of P90 billion to P95 billion this year.
“We are on slightly ahead of the reservation sales target because first-half reservation sales stood at P48 billion,” Sian said.
However, Golden Arches, the local franchise holder of fast-food chain McDonalds, will likely miss its target of 500 stores by the end of the year due to construction delays.
“We will likely end the year with about 480 stores, but we will achieve the 500 stores target by the first half of 2016,” Sian said.
There are 464 McDonalds stores nationwide as of end-June. At least 60 percent of the outlets are company-owned while the remaining 40 percent are franchise stores.
SOURCE: ABS-CBN News