Listed Global-Estate Resorts Inc. (GERI) has reduced its capital expenditures (capex) for this year by 38 percent to P4 billion from P6.5 billion. During the company’s virtual stockholders’ meeting on Friday, GERI President Monica Salomon said the company would observe financial discipline to ensure its financial stability through prudent cash management and operational efficiency. But she emphasized that GERI would still launch projects within its integrated estates despite postponing new township launches. The roadmap focuses on innovations in its product design and services; digital transformation; ensuring the health, safety and well-being of their workforce; and financial discipline and strategic expansion. GERI shares shed 1 centavo or 1.25 percent to finish at 79 centavos apiece on Friday.

Source: Manila Times August 28, 2020 16:18 UTC