LISTED JG Summit Holdings Inc. is raising its capital expenditures (capex) by 28 percent to P87.5 billion for this year from the P68.3 billion spent in 2018 to fund the expansion plans of its subsidiaries.
At a briefing on the sidelines of the Gokongwei-led conglomerate’s annual stockholders’ meeting on Thursday, JG Summit President and Chief Executive Officer Lanca Gokongwei said that of the amount, P32 billion would go to JG Summit Petrochemicals Group, P27 billion to Cebu Air Inc., P18 billion to Robinsons Land Corp. and P9 billion to Universal Robina Corp.
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