Business World Online
Posted on January 30, 2014 11:05:37 PM
VIVANT Corp. has raised approximately P3 billion from corporate notes, mainly for general corporate purposes, the Cebu-based power producer and distributor said in a disclosure yesterday.
Vivant reported that it “signed an agreement to issue P3 billion in fixed-rate corporate notes… on Jan. 29.”
The offering, it noted, was fully subscribed by a consortium of local banks identified as: China Banking Corp., Development Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine Savings Bank, Rizal Commercial Banking Corp. and Robinsons Bank Corp.
The deal was arranged by First Metro Investment Corp.
The notes will be issued on Feb. 3, according to the disclosure.
“Net proceeds of the issue, which will be in two tranches, will be used for general corporate purposes, including but not limited to capital expenditures for existing assets and investments in power generation projects,” the company said.
Vivant saw its profit drop 35.59% to P1.14 billion as of September last year from P1.77 billion in the same nine months in 2012.
In the same comparative periods, revenues went down by 23% to P2.21 billion from P2.87 billion; generation cost decreased by 18.35% to P800.68 million from P980.67 million, while expenses more than doubled to P219.59 million from P104.13 million.
Vivant is engaged in energy distribution and generation services. It operates Visayan Electric Company, Inc., which provides electricity in the Metro Cebu and five other municipalities in the province. The company is also involved in the acquisition of power plant facilities, energy development ventures and marketing of electricity.
Vivant, through Calamian Islands Power Corp. is building a 750-kilowatt diesel-fired power plant in Busuanga and an eight-megawatt (MW) bunker-fired power plant in Coron -- both in the province of Palawan. The plants are expected to be operational this year.
Through Vivant-Malogo Hydropower Corp., the company is building a 6-MW hydroelectric plant in Silay City, Negros Occidental that will be operational by the last quarter of next year.
Vivant shares closed at P10.50 apiece yesterday, down 80 centavos or 7.08% from P11.30 each on Wednesday last week. -- Claire-Ann Marie C. Feliciano source
The offering, it noted, was fully subscribed by a consortium of local banks identified as: China Banking Corp., Development Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine Savings Bank, Rizal Commercial Banking Corp. and Robinsons Bank Corp.
The deal was arranged by First Metro Investment Corp.
The notes will be issued on Feb. 3, according to the disclosure.
“Net proceeds of the issue, which will be in two tranches, will be used for general corporate purposes, including but not limited to capital expenditures for existing assets and investments in power generation projects,” the company said.
Vivant saw its profit drop 35.59% to P1.14 billion as of September last year from P1.77 billion in the same nine months in 2012.
In the same comparative periods, revenues went down by 23% to P2.21 billion from P2.87 billion; generation cost decreased by 18.35% to P800.68 million from P980.67 million, while expenses more than doubled to P219.59 million from P104.13 million.
Vivant is engaged in energy distribution and generation services. It operates Visayan Electric Company, Inc., which provides electricity in the Metro Cebu and five other municipalities in the province. The company is also involved in the acquisition of power plant facilities, energy development ventures and marketing of electricity.
Vivant, through Calamian Islands Power Corp. is building a 750-kilowatt diesel-fired power plant in Busuanga and an eight-megawatt (MW) bunker-fired power plant in Coron -- both in the province of Palawan. The plants are expected to be operational this year.
Through Vivant-Malogo Hydropower Corp., the company is building a 6-MW hydroelectric plant in Silay City, Negros Occidental that will be operational by the last quarter of next year.
Vivant shares closed at P10.50 apiece yesterday, down 80 centavos or 7.08% from P11.30 each on Wednesday last week. -- Claire-Ann Marie C. Feliciano source
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