SM 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:
“The acquisition of PGPC is sizeable, accretive to our shareholders, and a strong strategic fit with our portfolio of investments in high growth sectors in the Philippines,” said Frederic C. Dybuncio, president and chief executive officer of SMIC in a stock exchange disclosure on Tuesday.
In the disclosure, SMIC said that it received on Aug. 1 the approval from the Securities and Exchange Commission to acquire the 81% stake of related parties in Allfirst, the holding company for PGPC, in exchange for shares in SMIC. The steam fields in Tiwi, Albay and Mak-Ban in Laguna and Batangas generate combined geothermal steam enough to produce 300 megawatts of electricity.
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