Crown Asia Chem more than doubles capex to P175M

Newly listed Crown Asia Chemicals Corp has set aside P175 million for capital expenditures this year, which is more than double its P63.4 million spending last year, a senior official said on Monday.

Tita Villanueva, Crown Asia investor relations head, said this year’s capex includes P110 million for setting up a new manufacturing plant and warehouse for various types of pipes, P43 million for the retirement of debt from Security Bank used for its initial expansion and P25 million for the acquisition of high-tech machines.