JG Summit infuses P11B into petrochem subsidiary

MANILA -Gokongwei-led JG Summit Holdings is bolstering its money-losing petrochemicals business with a cash infusion of up to P11 billion amid efforts to revitalize the segment in 2024. The family conglomerate said in a stock exchange filing on Monday that its board approved the capital infusion into JG Summit Olefins Corp. The subsidiary will use the proceeds to "pay off its expansion project obligations and to support its operations during a period of declining market demand and rising input costs". This will improve the JG Summit Olefins' financial position amid continued business losses. During the first nine months of 2023, these losses were narrowed modestly to P8.8 bil...

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