business mirror
WEDNESDAY, 12 SEPTEMBER 2012 19:53 LENIE LECTURA / REPORTER
GT Capital Holdings Inc. increased its stake in unit Global Business Power Corp. (GBPC) after acquiring shares worth P2.32 billion.
In a disclosure to the stock exchange yesterday, GT Capital said it acquired a total of 66,145,700 shares of GBPC at a fixed price of P35.13 per share from Global Business Holdings, Inc. The acquisition effectively increased GT Capital’s direct holdings in GBPC to 51 percent.
“The acquisition represents 12 percent of GBPC’s outstanding capital stock, fulfilling an item in the Use of Proceeds portion of GT Capital’s prospectus,” GT Capital vice president and head for legal and compliance division Joselito Banaag said.
Last month, GBPC disclosed plans to acquire coal mines in the Philippines or Indonesia, as part of a long-term strategy to secure part of its supply requirements amid plans to build more power plants.
Global Business Power chief finance officer Jaime Azurin said investments will likely be undertaken with a partner with expertise in the sector. “We are not a mining company so we are not going to do it on our own. It has to be with a strategic partner,” Azurin said, adding that the plan may materialize in two years.
“Right now coal prices have been going down and we think it will continue to go down. When it hits rock bottom, that will be a good time to invest,” he said. source
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