By Danessa Rivera (The
Philippine Star) | Updated April 2, 2016 - 12:00am
MANILA, Philippines - Aboitiz Equity
Ventures Inc., the investment holding firm of the Aboitiz Group, is
transferring its stake in its liquid bio-methane business to its renewable
energy company holding unit to consolidate all its power businesses.
In a disclosure yesterday, AEV said
its board approved the sale of all of its equity interests in Aseagas Corp. to
Aboitiz Renewables Inc., a wholly owned subsidiary of Aboitiz Power Corp. which
houses all renewable energy (RE) projects.
AboitizPower president and COO
Antonio Moraza said the sale will consolidate all of the group’s power
businesses under one roof.
“That’s exactly the reason,
consolidation. And now we will grow it,” he said in a text message.
AEV said the sale is subject to the
usual closing conditions and approvals.
“The acquisition price will be
computed based on the subscription price of the shares, subject to the results
of the fairness valuation being conducted by an independent financial adviser,”
it said.
Aseagas, a wholly owned subsidiary
of AEV, is the project company of the biomass renewable energy plant that utilizes
organic wastes.
It partnered with UK-based Gazasia
Ltd. to build a $50-million biogas plant in Lian, Batangas to produce liquid
bio-methane fuel (LBM) from landfills or organic waste for vehicle use or
similar use to liquefied natural gas (LNG).
Aboitiz Renewables, on the other
hand, is the holding company of AboitizPower’s investments in renewable energy,
such as run-of-river, geothermal and solar developments.
No comments:
Post a Comment