Business Mirror
19 Jun 2014 Written by Lenie Lectura
ABOITIZ Power Corp. has acquired an electric distribution utility firm in Batangas for P1.33 billion. The power firm bought 8 million shares of LiMA Utilities Corp. (LUC) for P166.2083 apiece from LiMA Land Inc., which is owned by Aboitiz Land Inc.
AboitizLand is a wholly owned subsidiary of Aboitiz Equity Ventures Inc., the parent company of Aboitiz Power.
The acquisition is in line with AboitizPower’s strategy of expanding its EnerZone brand, the company said.
Subic EnerZone Corp. (SEZ) is an Aboitiz-owned electric distribution utility managing the power-distribution system of the Subic Bay Freeport Zone. LUC, meanwhile, is an electricity-distribution utility operating in LiMA Technology Center, Batangas.
The other day, AboitizPower announced it would offer retail bonds of up to P10 billion next quarter.
It tapped BPI Capital Corp. as lead arranger and underwriter.
Proceeds of the bond issuance will be used to replenish its working capital, partially fund ongoing projects and for other general corporate purposes, it added. source
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