Alliance Global: Plans for growth and election of directors at the annual meeting of shareholders
Date: 2024-07-18 Author: Leon Pierce Categories: PAYMENT SOLUTIONS
The annual meeting of shareholders of Alliance Global (AGI), a Philippine company that has listed its shares in the Philippine market, is scheduled for July 18, 2024. On this day, AGI presented its ambitious plans for the future and announced new appointments to the board of directors.
Capital investments and strategic directions
One of the key announcements at the meeting was AGI's pledge to allocate 75 billion Philippine pesos (about US$1.29 billion) in capital expenditures (CAPEX) in 2024. This amount is 19% higher than last year's funding, demonstrating the company's commitment to supporting its growth and expansion.
The main focus of the investment will be Megaworld, part of AGI, which will receive PHP55 billion to expand its real estate portfolio. This year, it plans to roll out 35 new projects in regions outside Manila.
The remaining PHP 10 billion will be invested into Travelers International to expand Newport World Resorts in Pasay City and develop the Westside City area.
Statements from company management
Kevin Tan, President and CEO of AGI, emphasized that the company is positioned for sustainable growth and remains focused on meeting the needs of consumers around the world. AGI strives not only to strengthen its presence in the market, but also to offer innovative products and services that meet high quality standards.
The meeting of shareholders decided to appoint new directors. The company's permanent directors include Andrew Tan, Kevin Tan, Catherine Tan and Lourdes Gutierrez-Alfonso. Jesley A. Lapus, Enrique M. Soriano III and Anthony T. Robles were elected independent directors.
Company auditors
For the current calendar year, AGI has appointed independent auditors, Punongbayan and Araullo, underscoring the company's commitment to transparency and compliance with international standards.
In June 2024, Alliance Global denied information about a financial scandal that was associated with a change in management of Newport Resorts. The company confirmed its commitment to effective management and compliance with all legal norms and requirements.
AGI continues to strengthen its position both domestically and in international markets, increasing its investments and developing new areas of activity.
