Aboitiz Power buys 20% of Subic Enerzone for P92M
Aboitiz Power buys 20% of Subic Enerzone for P92M
Aboitiz Power Corp. has acquired the remaining 20-percent stake of Team Philippines Industrial Power II Corp., formerly Mirant Philippines, in Subic Enerzone Corp. for P92 million.
The acquisition brings Aboitiz Power's stake in Subic Enerzone to 100 percent, which includes the 35-percent stake held by its unit Davao Light and Power Co. Inc. in the company.
Aboitiz Power earlier acquired 25 percent of Subic Enerzone from its parent Aboitiz Equity Ventures Inc., San Fernando Electric Light and Power Co. Inc., Okeelanta Corp. and Pampanga Sugar Development Corp. through a share swap.
The swap has yet to be approved by the Securities and Exchange Commission.
Subic Enerzone operates the power distribution system of the Subic Bay Freeport Zone under a 25-year agreement with the Subic Bay Metropolitan Authority, which it won through a competitive bidding in 2003. ABS CBN NEWS
Aboitiz Power Corp. has acquired the remaining 20-percent stake of Team Philippines Industrial Power II Corp., formerly Mirant Philippines, in Subic Enerzone Corp. for P92 million.
The acquisition brings Aboitiz Power's stake in Subic Enerzone to 100 percent, which includes the 35-percent stake held by its unit Davao Light and Power Co. Inc. in the company.
Aboitiz Power earlier acquired 25 percent of Subic Enerzone from its parent Aboitiz Equity Ventures Inc., San Fernando Electric Light and Power Co. Inc., Okeelanta Corp. and Pampanga Sugar Development Corp. through a share swap.
The swap has yet to be approved by the Securities and Exchange Commission.
Subic Enerzone operates the power distribution system of the Subic Bay Freeport Zone under a 25-year agreement with the Subic Bay Metropolitan Authority, which it won through a competitive bidding in 2003. ABS CBN NEWS
posted by OlongapoCity Zambales at
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