Ayala unit sells 15 pct stake in SLTEC | ABS-CBN
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Ayala unit sells 15 pct stake in SLTEC
Ayala unit sells 15 pct stake in SLTEC
ABS-CBN News
Published Dec 20, 2016 03:27 PM PHT
MANILA - Ayala Corp. unit AC Energy said Tuesday it agreed to sell a 15-percent stake in South Luzon Thermal Energy Corporation (SLTEC) to Axia Power.
MANILA - Ayala Corp. unit AC Energy said Tuesday it agreed to sell a 15-percent stake in South Luzon Thermal Energy Corporation (SLTEC) to Axia Power.
PHINMA Energy Corp., Ayala's joint venture partner in SLTEC, also sold a 5-percent stake to Axia Power, a subsidiary of Marubeni Corp.
PHINMA Energy Corp., Ayala's joint venture partner in SLTEC, also sold a 5-percent stake to Axia Power, a subsidiary of Marubeni Corp.
The agreement brings PHINMA Energy’s ownership in SLTEC to 45 percent while AC Energy still owns 35 percent.
The agreement brings PHINMA Energy’s ownership in SLTEC to 45 percent while AC Energy still owns 35 percent.
SLTEC owns and operates a thermal power plant in Batangas, which serves as a base load plant to meet the power demand in Luzon.
SLTEC owns and operates a thermal power plant in Batangas, which serves as a base load plant to meet the power demand in Luzon.
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"The partial sale also allows AC Energy to reinvest more aggressively in new projects as we pursue our 2020 goal of reaching 2000MW," John Eric Francia, president and chief executive of AC Energy said.
"The partial sale also allows AC Energy to reinvest more aggressively in new projects as we pursue our 2020 goal of reaching 2000MW," John Eric Francia, president and chief executive of AC Energy said.
Ayala Corp. shares were down 2.68 percent to P708 on Tuesday.
Ayala Corp. shares were down 2.68 percent to P708 on Tuesday.
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