AEV sells up to 27% stake in AboitizPower to JERAMANILA, Philippines — Aboitiz Equity Ventures Inc. (AEV), the listed Cebu-based conglomerate, is selling up to a 27 percent stake in Aboitiz Power Corp. to Japanese power generation firm, JERA Co. Inc., in a deal that would raise at least $1.463 billion for the Aboitiz Group. The Aboitiz Group and JERA have identified areas for collaboration across multiple fronts, including LNG-to-power projects and exploration of the use of new generation technologies. AEV will sell a 25.01 percent stake in Aboitiz Power to JERA Asia, a wholly-owned subsidiary of JERA Co. Inc. while the Aboitiz family’s privately held parent company has agreed to sell an additional 1.99 percent stake in Aboitiz Power, which would translate to a 27 percent stake for JERA. The transaction between AEV and JERA covers 1.8 billion common shares in AboitizPower, representing a 25.01 percent stake in the power company while the transaction between the Aboitiz family and JERA covers the equivalent of a 1.99 percent stake in Aboitiz Power. AEV is the public holding company of the AEV Group with major investments in power, banking and financial services, food, infrastructure, and land.

Source: Philippine Star September 27, 2021 16:29 UTC