AEV secures $400-M loan from Japanese bank
MANILA, Philippines - Cebu-based conglomerate Aboitiz Equity Ventures Inc. (AEV) obtained a $400 million loan from the Bank of Tokyo-Mistubishi UFJ Ltd.
AEV disclosed to the local bourse yesterday it signed a loan facility agreement with the Japan financial institution.
The money would be used to partially finance AEV’s investments, the holding company said.
AEV is engaged in power generation, real estate development, banking, and agribusiness. It recently ventured into the cement business with the purchase of cement manufacturing plants in Norzagaray, Bulacan; Teresa, Rizal and Taysan, Batangas and one grinding station in Danao, Cebu.
The group’s entry into the cement business is seen to complement AEV’s big-ticket infrastructure ventures.
AEV president Erramon Aboitiz said the cement business would enable the company to develop infrastructure as one of its core businesses.
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