Manila Times.net
THE power subsidiary of Jolliville Holdings Corp. has secured a loan facility to partly finance the establishment of a power plant in Oriental Mindoro.
In a disclosure to the Philippine Stock Exchange, Jolliville said its unit Ormin Power Inc. has signed and executed a loan agreement with the Development Bank of the Philippines for P275.89 million.
The proceeds of the loan will fund the establishment of Ormin’s 6.4-megawatt power plant in Calapan City.
The company earlier said it will build a hydro power plant making use of the Inabasan River. Seen operational by 2012, the facility will benefit the municipality of San Teodoro.
In November last year, Jolliville hiked its stake in Ormin from 46.8 percent to 60 percent.
Jolliville’s principal business interests are in leasing, management services, property development and land banking, and waterworks system.
Krista Angela M. Montealegre
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