Listed firm Aboitiz Power Corporation acquired 35.4 percent of STEAG, its German partner in the 210-Mindanao coal-fired power project in Misamis Oriental for $36.081 million, bringing its ownership to 69.4 percent in the coal plant..
Listed firm Aboitiz Power Corporation acquired 35.4 percent of STEAG, its German partner in the 210-Mindanao coal-fired power project in Misamis Oriental for $36.081 million, bringing its ownership to 69.4 percent in the coal plant and further beefing up its coal-fired power generation portfolio.
“Aboitiz Power will end up owning 69.4 percent equity interest in the company after completion of the acquisition,” the buyer firm noted. Prior to this equity acquisition, Aboitiz Power has 34-percent stake in the STEAG plant. It is highly perceived in the power industry that SPC and Aboitiz Power can’t be in bed together for power ventures because of the deeply-scarred legal fight they had been enmeshed with on the Naga thermal power facility when it was privatized by state-run Power Sector Assets and Liabilities Management Corporation roughly 10 years ago.
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