Business Mirror
Published on Tuesday, 05 March 2013 19:39 Written by Jun Vallecera / Reporter
THE Gokongweis of JG Summit Holdings Corp. and Manuel V. Pangilinan, chairman of the Philippine Long Distance Telephone Co. (PLDT), look to extend their relationship beyond airport management and telecommunications and on to power generation.
This was learned from the PLDT executive in a briefing on Tuesday, where he said the Gokongwei family has proposed the idea of joining forces in the establishment of a power plant in Batangas.
JG Summit is close to completing an $800-million naphthacracker plant in Batangas seen supplying the country with ethylene and propylene, as well as methane. The project is seen to be fully operational by early next year.
The same facility, however, needs a reliable supply of power and the Gokongwei family has reportedly asked Pangilinan if a partnership is something they could agree on.
For his part, Pangilinan said he is interested in partnering with the Gokongwei family in this power-generation project.
Pangilinan-led Metro Pacific Investments Corp. (MPIC) earlier partnered with the Gokongwei family-owned JG Summit Holdings in the bid to take management control and modernize the facilities of Mactan Cebu International Airport (MCIA).
The consortium will be majority owned by MPIC with the Gokongweis—who are present owners of an airline—taking a 33-percent equity position.
The cost of redeveloping the MCIA facilities is seen to reach P17.5 billion.
PLDT also brought a majority stake in Gokongwei-owned Digital Telecommunications Philippines Inc. in October 2011. source
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