July 27, 2020 | 12:04 am
ALSONS Consolidated Resources, Inc.
(ACR) is considering the sale of its property business as part of its
transition into a pure energy company.
The listed firm of the Alcantaras
said it was examining its options, whether to sell Alsons Land Corp. (ALC)
immediately or develop the land unit first before disposing its shares to
buyers.
“We are moving to make ACR a pure
power company. This will mean the divesting of our property business,” ACR
Executive Vice-President Tirso G. Santillan, Jr. said during the company’s
recent annual stockholders’ meeting.
“We are still looking for a more
effective way of accomplishing this: is it to dispose [of] ALC now or have ALC
develop and dispose of its properties later?” he added.
Alsons will do the business sale in
a manner that maximizes its stockholders’ value, Mr. Santillan said.
Its property unit runs the
700-hectare Eagle Ridge Golf & Residential Estate in Cavite, its joint
venture project with Sta. Lucia Realty Development, Inc. It also manages the
11-hectare Campo Verde with Sunfields Realty Development, Inc.
In the first quarter, the listed
firm saw its earnings rose by nearly three times to P310 million over the same
period a year ago.
Its “income-driver” 210-megawatt
(MW) Sarangani Energy Corp. coal-fired baseload plant mainly contributed to its
profit growth. The plant’s 105-MW second unit, which came online in October
last year, helped lift the company’s revenues to P2.21 billion in the quarter,
compared with P1.22 billion previously.
ACR owns four power generating
companies with a combined capacity of 468 MW. Currently, it is building two
projects: the 14.5-MW hydropower plant in Maasim, Sarangani province and the
105-MW San Ramon Power, Inc. coal-fired power plant in Zamboanga City, which
are expected to commercially run by 2022 and 2023, respectively. — Adam J.
Ang
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