Conglomerate SM Investments Corp. of the Sy Group said Tuesday the Securities and Exchange Commissions approved its full acquisition of Philippine Geothermal Production Company Inc. through a P15.76-billion share swap deal. Read more:
SMIC said in a disclosure to the stock exchange it received SEC’s approval to acquire the 81-percent stake of related parties in Allfirst Equity Holdings Inc in exchange for SMIC shares. Allfirst is the holding company for PGPI, which operates the Tiwi and Mak-Ban steam fields.
PGPC in 2021 posted $99.4 million in revenues and $48.8 million in net income, equivalent to 1.2 percent of SMIC’s 2021 revenues and 5.5 percent accretion to the 2021 net income, respectively. Together they generate geothermal steam sufficient to produce approximately 300 megawatts of electricity. The geothermal power plants are being operated separately by Aboitiz Power Corp.
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SMIC gets regulatory nod to acquire geothermal firm - BusinessWorld OnlineSM INVESTMENTS Corp. (SMIC) has acquired full ownership of Philippine Geothermal Production Co., Inc. (PGPC), the operator of Tiwi and Mak-Ban steam fields, through a P15.76-billion share-swap deal with Allfirst Equity Holdings, Inc. READ:
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