Philippines' A Brown teams up with Malaysia's Ranhill for power plant bid

Philippines' A Brown teams up with Malaysia's Ranhill for power plant bid
(Thomson Financial) - Philippine holding company, A Brown Company Inc, is teaming up with Malaysian-listed Ranhill Berhad to bid for the 600-megawatt Masincloc coal-fired power plant in Zambales, northwest of the capital Manila.

In a circular for brokers, the stock exchange said A Brown and Ranhill Berhad have formed a joint venture company, Masinloc Consolidated Power Inc, that will join the auction for the plant.

A Brown holds 40 percent of Masinloc Consolidated Power, while Ranhill Berhad holds the rest.

The state-run Power Sector Assets and Liabilities Management Corp hopes to sell the Masinloc plant for 388 million US dollars when it is put on the auction block on July 26.

Last year, the government cancelled a deal to sell the asset to the YNN consortium led by Ranhill Berhad after it failed to deliver an initial payment of 227.5 million dollars before an agreed deadline.
AFX News Limited