Conglomerate Aboitiz Equity Ventures Inc. (AEV) may shell out more money in 2025 to fund plans meant to further expand the company’s footprint, following last year’s expansion into the consumer segment.
AEV on Monday said that it would spend P250 billion next year, representing a 63-percent increase from its planned P153-billion capital expenditure this year.
But AEV, which has interests in power, infrastructure, food and beverage, banking and property, also clarified that they were still at the “planning stage.”
READ: Aboitiz group boosting nonpower businesses
“We would like to clarify that AEV, alongside other businesses in our portfolio, is in constant pursuit of opportunities to grow our businesses as we position ourselves as the country’s first techglomerate,” the company said in a stock exchange filing.
“We emphasize that this planning stage does not constitute a firm commitment from the company,” AEV added.
Earlier, AEV said it wanted to strike a balance between its power business—its largest income contributor—and its other units through significant takeovers.
AEV in November 2023 expanded in the consumer segment after its P100-billion acquisition of Coca-Cola Philippines Inc. with partner Coca-Cola Europacific Partners Plc. (CCEP).
READ: Power unit boosts Aboitiz group’s Q1 bottom line by 22%
AEV holds 40 percent of the soft drink giant.
Union Bank of the Philippines, the group’s banking arm, also recently dropped the Citi brand as it finalized its P72-billion acquisition.
AEV chief financial officer Jose Emmanuel Hilado previously said they aimed to have at least 50 percent of the Aboitiz group’s earnings before interest, taxes, depreciation and amortization to come from its nonpower businesses. INQ