Wellex pins growth on old plastic factory's land dev't
by VG Cabuag, BusinessMirror
Posted at Sep 09 2014 11:34 PM | Updated as of Sep 10 2014 07:34 AM
MANILA, Philippines - Gatchalian-led Wellex Industries Corp. on Tuesday said the
company’s growth relies on the development of its former plastic manufacturing facility
in Valenzuela.
Wellex President Kenneth Gatchalian said the company is still working on the master
plan of a mixed-use development of portion of its facility called Plastic City, more
than a year and a half after it signed a joint-venture agreement with Ayala Land
Inc. in late 2012. “It’ll be one of the prime development there in the north. It’ll
be one of the pioneer developments there,” Gatchalian said.
“We have other properties for development as well but this is what we’re eyeing right
now,” he added.
Wellex will contribute some 16.7 hectares of land in its 50-hectare Plastic City
in Canumay, Valenzuela, while Ayala Land’s middle-segment brand Avida Corp. will
develop the property that, according to Gatchalian, will include an office, residential
and commercial components.
He declined to say how much the said development will contribute to the revenues
of Wellex, which has been reporting net loss over the past years. Wellex reported
in 2011 a net loss of P27.81 million, a much wider loss in 2012 at P436.69 million
and another loss of P107.86 million last year. The company was known for plastic
manufacturing up until the new millennium.
Wellex exited the plastic business in 2002 after it shut down its Plastic City Industrial
Corp. and leased the whole complex for warehousing purposes.
Gatchalian-led Wellex shifting to real estate
By Zinnia B. Dela Peña
(The Philippine Star) | Updated September 14, 2012 - 12:00am
MANILA, Philippines - Gatchalian-led Wellex Industries Inc. is realigning its business
and shifting focus from mining to real estate development to unlock the value of
the 60-hectare Plastic City estate in Valenzuela City amid a resurgent property market.
(read more)
Wellex Industries to sell assets to boost liquidity
By: Surigaonon Ako
November 20,
2008 8:48 AM
The Gatchalian-led Wellex Industries Inc. is planning to sell some assets to raise
funds and enhance liquidity in preparation for a more difficult business environment
next year. (read more)
Wellex to finance reopening of plant
October 27, 2006 12:10am
By RUBY ANNE M. RUBIO,
Business World Reporter
Gatchalian-led Wellex Industries, Inc. will earmark P50 million
in working capital as wholly owned subsidiary Plastic City Industrial Corp. (PCIC)
resumes operations in the second semester of 2007, president Elvira A. Ting said
Thursday. (read more)
Wellex, PDCP Bank eye Net Link
By Conrado Diaz Jr. | Updated March 17, 2000 - 12:00am
Change your game, change your name.
At least two more publicly listed companies are planning to change their
corporate
names to complement the shift in the nature of their business toward
the Internet.
(read more)
