ALCANTARA-LED power company Alsons Consolidated Resources, Inc. (ACR) said that Global Business Power Corp. (GBP), a leading power producer in the Visayas and an associate of Metro Pacific Investments Corporation (MPIC), is acquiring 50 percent of its unit Alsons Thermal Energy Corp. (ATEC). Based on the details of the deal, GBP is acquiring 14.95 million shares of stock in ATEC as well as shareholder advances. ATEC owns a 75 percent stake in the 210-megawatt (MW) Sarangani Energy Corp. (SEC) baseload coal-fired plant in Maasim, Sarangani Province. ATEC will also assume ACR’s stake in San Ramon Power, Inc. (SRPI), which is developing a 105-MW baseload coal-fired plant in Zamboanga City. For his part, GBP President Jaime Azurin said, “GBP was established out of the need for adequate, reliable and cost-efficient power supply in the Visayas.

Source: Manila Times June 05, 2017 17:03 UTC