10 June 1999: Newly listed Alliance Global, Inc. (AGI) of the Philippines is planning to diversify from its present business activity of glass manufacturing to that of a holdings operations to expand …
10 June 1999: Newly listed Alliance Global, Inc. (AGI) of the Philippines is planning to diversify from its present business activity of glass manufacturing to that of a holdings operations to expand its business and investment lines, according to a recent report. With the change in the company“s primary business activity, AGI corporate information officer Dina D.R. Inting told the Philippine stock exchange that the firm“s corporate name will likewise be changed to Alliance Global Holdings, Inc. AGI“s management recently approved the addition of trading, real estate development and hotel operations to the company“s existing business line. AGI also said it is interested in engaging in the development, research, manufacture, marketing and distribution of technology and technology-derived products and services. AGI made its debut as a publicly listed company at the stock exchange last April. It was the first private corporation to go public this year, despite prevailing negative sentiments in the market. The management said proceeds of its initial public offering, amounting to Pso 111 million to Pso 175 million, will be used to restore the company“s glass furnace located in Canlubang, Laguna. The company is presently involved in the manufacture of glass containers for food and beverage products including Pepsi Cola, Cosmos, Pop Cola, Ginebra and Datu Puti. This year, the management is also optimistic that net earnings will grow by as much as 62% due to the anticipated increase in demand. AGI generated some Pso 36.9 million net income last year. The company said it is allotting Pso 140 million to Pso 150 million internally generated funds to finance capital expenditure requirements this year, which will be used for the rehabilitation of its glass furnace.