In a filing to the local stock exchange, FDC said the plan is in line with a previously approved equity fund-raising move involving the sale of shares held by its parent company ALG Holdings Corp.
“The company is considering two potential clean coal-fired power generation projects, namely a 150 MW project in Luzon and another 150 MW project in the Visayas,” FDC said in its disclosure yesterday.
“With respect to the potential power project in the Visayas, FDC is also conducting a feasibility study with respect to a potential water desalination facility at the same site that would be operated using off-peak power from the proposed power plant,” the company added.
FDC, which did not provide financial details for the planned projects, said it is in the process of applying for regulatory permits. The company said it is also in talks with parties for power- supply deals.
In line with the announcement, FDC said it will tap a “senior expert” in the Philippine infrastructure industry starting on January 1 next year to implement the new projects.
Last month, FDC obtained shareholder’s approval to allow ALG Holdings to sell up to three billion common shares in FDC. FDC will then issue new common shares not exceeding three billion, which will also be subscribed by ALG Holdings.
The shares are valued at P14.76 billion based on Tuesday’s close of P4.92 apiece.
Established in 1973, FDC has interests in banking, real- estate development and sugar production.
(Miguel R. Camus)
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