SEC approves Aboitiz share swap agreement
The Securities and Exchange Commission has approved the share swap agreement entered into by Aboitiz Power Corp. and shareholders of three power distribution utilities.
In a disclosure to the Philippine Stock Exchange, Aboitiz Power said the share swap involved the issuance of a total of 170.94 million common shares of the company at its initial public offering price of P5.80 per share, in exchange for 100 percent equity in Mactan Enerzone Corp., 60 percent interest in Balamban Enerzone Corp. and an additional 25 percent in Subic Enerzone Corp. (SEZ).
Together with the recent acquisition of a 20 percent stake in SEZ from Team Philippines Industrial Power II Corp. (formerly Mirant Phils.), Aboitiz Power’s total shareholdings in SEZ would increase to 100 percent.
Aboitiz Power, the holding firm for all the power distribution and generation assets of the Aboitiz family, recently completed the acquisition of a 34 percent stake in STEAG State Power Inc., which owns and operates a 232-megawatt coal-fired power plant in Misamis Oriental in
The company won the auction for the 34 percent equity in August with its bid of $91.9 million.
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