Manila Standard Today
Listed A. Brown Company Inc., through its newly-organized subsidiaries, will acquire DMCI Power Corp.’s planned 100-megawatt coal-fired power plant in Concepcion, Iloilo, marking its entry into the power generation sector.
A. Brown disclosed to the Philippine Stock Exchange that unit Palm Thermal Consolidated Holdings Corp. would buy 100 percent of the outstanding capital stock of DMCI Concepcion Power Corp. from DMCI Power Corp.
DMCI Concepcion plans to build a circulating fluidized bed plant in Concepcion, Iloilo after receiving an environmental clearance certificate. The coal project, however, was stalled due to strong opposition from environmentalist groups in Panay island.
A. Brown reported that Panay Consolidated Land Holdings Corp. would acquire 30 hectares of land in Concepcion, Iloilo from DMCI Power.
A. Brown is the holding company of the Brown Group of Companies. It is primarily engaged in real estate development in Cagayan de Oro City, Cainta, Rizal and Valencia City, Bukidnon. Its subsidiaries consist of A. Brown Energy and Resources Development Inc., Brown Resources Corp., Andesite Corp., Bonsai Agri Corp., Nakeen Corp. and Masinloc Consolidated Power Inc.
The company also has an investment in Monte Oro Resources & Energy Inc., which in turn, has equity in Forum Energy Philippines. Monte Oro’s subsidiary, Monte Oro Grid Resources Corp., earlier owned a 30-percent stake in National Grid Corp. of the Philippines, operator of the country’s transmission highway, before it was sold to the group of Henry Sy Jr. in April. Alena Mae S. Flores
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