By Alena Mae S. Flores | Posted on Jul. 29, 2013 at 12:01am
Alsons Consolidated Resources Inc. is scouting for possible partners to assume the stake of EGCO International Ltd. in Conal Holdings Corp.
“We are entertaining possible partners but our priority now is to complete the EGCO transaction,” Alsons executive vice president Tirso Santillan Jr. said. EGCO International is a wholly-owned unit of Electricity Generating Public Co. Ltd. of Thailand.
Santillan said Alsons,
controlled by the Alcantara Group, hopes to complete its acquisition of EGCO’s 40- percent equity stake in Conal by next month. He did not disclose details of the financial transaction.
Santillan said Alsons was raising funds to finance the purchase and that it was in talks with United Coconut Planters Bank as the direct lender.
He said the company would finance the acquisition EGCO’s stake through a “combination of debt and equity.”
Alsons will own 100 percent of Conal once the acquisition is completed, increasing the net income attributable to the parent firm’s earnings.
Conal has investments in Western Mindanao Power Corp.’s 100-megawatt diesel plant in Zamboanga City, Southern Philippines Power Corp.’s 55-MW diesel plant in Sarangani province and power plant operations and management company Alto Power Management Corp.
“Upon completion of the agreement, ACR will acquire full control of Conal, allowing ACR to concentrate all its power-related interests in Conal. The deal also enables ACR to consolidate its ownership and control of the Mapalad Power Corp.’s 98-MW Iligan Diesel Power Plant–a recent addition to ACR’s power portfolio,” the company said earlier. source
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