CEBU CITY, Dec. 3 (PNA) — Aboitiz Equity Ventures (AEV) is gearing up for the Association of Southeast Asian (Asean) nations economic integration, an official said.
“We are pursuing exciting opportunities leading up to the Asean Community integration,” said Xavier Aboitiz, chief human resource and quality officer.
Aboitiz announced the company recently acquired an aqua feeds company in Vietnam and is opening an office in Indonesia this year.
The firm is also exploring power projects in other countries.
“This initiatives signal the start of our journey toward becoming a global organization,” he said.
Aboitiz said its power business will continue “to spearhead the group’s future growth.”
“We are increasing our power generation capacity by another 2,000 megawatts (MW) over the next five years,” he said.
Aboitiz noted that last September, the company officially launched the 420 MW Pagbilao 3 power plant in Quezon.
He said other power plants throughout the country, such as the ongoing 300 MW baseload plant in Davao, are either under construction or close to being given notice to proceed.
As for its banking business, Aboitiz said they are now reaping the benefits of stronger synergies between UnionBank and City Savings Bank.
“The UnionBank has increased capitalization and is positioned for future growth. It is committed to executing its Focus 2020 strategy towards being a great retail bank and expanding its presence,” said Aboitiz.
Its real estate arm, AboitizLand, is also working toward become a national player in land development after its entry to Luzon market with the Lima Land acquisition.
AEV also ventured into building the country’s first liquid bio-methane fuel plant through Aseagas, the company’s joint venture with the UK company.
Aboitiz added the company will continue to pursue projects with the national government through the private-public partnership (PPP) scheme.
“It certainly has been an exciting journey of expansion for AEV, as we continue to build our businesses while staying focused on our mission to create long-term value for stakeholders,” said Aboitiz.
AEV is celebrating its 20 years as a listed company.
Aboitiz said going public in 1994 was intended to fuel company’s growth and give muscle to attain their business goal.
“Our focused strategic initiatives, key acquisition, strong partnership and good corporate governance led us not only to create economic values but also earned us the recognition of being one of the best managed companies in the Philippines,” said Aboitiz. (PNA)