by Myrna Velasco April 4, 2016
Parent firm Aboitiz Equity Ventures
(AEV) is selling its shareholdings in Aseagas Corporation to affiliate Aboitiz
Renewables, Inc.
The renewable energy arm of the
conglomerate is under its bigger business portfolio in the power generation
sector – the Aboitiz Power, Inc.
It was emphasized that the AEV’s
board of directors approved on Monday’s (April 4) regular meeting “the sale of
all of its equity interests in Aseagas to Aboitiz Renewables.”
The parent firm has emphasized in
its disclosure to the Philippine Stock Exchange (PSE) that “the sale is subject
to the usual closing conditions and approvals.”
Further, it indicated that “the
acquisition price will be computed based on the subscription price of the
shares. It shall be subject “to the results of the fairness valuation being conducted
by an independent financial adviser,” the company said.
Aseagas is a direct subsidiary of
AEV – and it is the corporate vehicle developing the 8.8-megawatt biomass
renewable energy project in Lian, Batangas.
The company first blueprinted the
project for liquid fuels venture, but with the sudden collapse of global oil
prices, it opted to re-design it for power generation.
Once completed, the project’s
generated capacity will be aligned for availment of feed-in-tariff incentives.
The facility is targeted for completion within this year.
Just last month, Aseagas announced
that it marked “a major safety milestone after recording 1.0 million hours of
safe working without lost time incident.” This achievement was primarily logged
March 14 this year.
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