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Article: APC buys out partner in power distributor.(Business News)
- Article from:
- Manila Bulletin
- Article date:
- March 8, 2008
CopyrightCOPYRIGHT 2008 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: James A. Loyola
Aboitiz Power Corporation has bought out the 40 percent stake of its partner Tsuneishi Holdings (Cebu) Inc. in the Balamban Enerzone Corporation for P178 million.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Aboitiz Power said the purchase price will be paid out of the proceeds of its initial public offering last year.
The present acquisition brings Aboitiz Power's total equity in BEZ to 100 percent. It previously acquired a total of 60 percent equity in BEZ from its affiliate, Aboitizland, Inc. through a share swap agreement which was approved by the Securities and Exchange Commission last January ...