MANILA, Philippines—The Securities and Exchange Commission approved last week an increase in the authorized capital stock of SEM-Calaca Power Corp., a wholly owned subsidiary of Semirara Mining Corp., to P10 billion.
In a disclosure to the Philippine Stock Exchange, Semirara Mining said that the board of SEM-Calaca had initially approved an increase in the company’s capital stock to P8 million from P5 million.
In February 2010, SEM-Calaca’s board reconsidered its January resolution to further hike the capital stock to P10 billion.
Also approved by the SEC was the increase in the number of SEM-Calaca’s directors to 11 from seven.
Last year, SEM-Calaca tapped a P9.6-billion project debt facility to partially finance the acquisition of the 600-megawatt coal-fired power plant in Calaca, Batangas.
Proceeds from the term loan were then used primarily to refinance loans, shareholders’ advances extended to SEM-Calaca for down payment of the power plant’s 40 percent acquisition cost and prepayments made to Power Sector Assets and Liabilities Management Corp. (Psalm)
A portion was also used to finance SEM-Calaca’s permanent working capital requirements.
Parent firm DMCI Holdings, which owns 56 percent of Semirara, won the bidding for the coal plant in July 2009 with a price offer of $361.7 million.
The two companies then formed SEM-Calaca to handle the coal facility, as well as to acquire, expand and maintain power-generating plants, develop fuel for generation of electricity, and sell electricity to any person or entity through electricity markets.
In December 2009, SEM-Calaca paid Psalm $150.8 million, representing the 40-percent down payment for the coal power plant, allowing it to assume ownership of the facility.
The company’s investments in the Batangas coal facility are expected to reach $483.6 million, which includes the acquisition cost of $361.7 million. The remaining $121.89 million had been allocated for the rehabilitation and working capital requirements of the power plant.
In a disclosure to the Philippine Stock Exchange, Semirara Mining said that the board of SEM-Calaca had initially approved an increase in the company’s capital stock to P8 million from P5 million.
In February 2010, SEM-Calaca’s board reconsidered its January resolution to further hike the capital stock to P10 billion.
Also approved by the SEC was the increase in the number of SEM-Calaca’s directors to 11 from seven.
Last year, SEM-Calaca tapped a P9.6-billion project debt facility to partially finance the acquisition of the 600-megawatt coal-fired power plant in Calaca, Batangas.
Proceeds from the term loan were then used primarily to refinance loans, shareholders’ advances extended to SEM-Calaca for down payment of the power plant’s 40 percent acquisition cost and prepayments made to Power Sector Assets and Liabilities Management Corp. (Psalm)
A portion was also used to finance SEM-Calaca’s permanent working capital requirements.
Parent firm DMCI Holdings, which owns 56 percent of Semirara, won the bidding for the coal plant in July 2009 with a price offer of $361.7 million.
The two companies then formed SEM-Calaca to handle the coal facility, as well as to acquire, expand and maintain power-generating plants, develop fuel for generation of electricity, and sell electricity to any person or entity through electricity markets.
In December 2009, SEM-Calaca paid Psalm $150.8 million, representing the 40-percent down payment for the coal power plant, allowing it to assume ownership of the facility.
The company’s investments in the Batangas coal facility are expected to reach $483.6 million, which includes the acquisition cost of $361.7 million. The remaining $121.89 million had been allocated for the rehabilitation and working capital requirements of the power plant.
No comments:
Post a Comment