AC Energy Inc. and Phinma Energy Corp. (PHEN) are set to sign a definitive agreement that will give the power arm of conglomerate Ayala Corp. a 51.48-percent stake in PHEN valued at P3.42 billion.
Both earlier signed a mutually strategic agreement that states AC Energy will acquire Phinma Corp. (PHN) and its parent Philippine Investment Management (Phinma) Inc.’s (PHI) combined 51.48-percent stake in PHEN.
The deal will be finalized pending regulatory approvals, including the approval of the Philippine Competition Commission (PCC), and compliance with applicable tender-offer requirements.
PHEN holds interests in Phinma Power Generation Corp. (100 percent); Phinma Renewable Energy Corp. (100 percent); Phinma Petroleum and Geothermal Inc. (50.74 percent); and Maibarara Geothermal Inc. (25 percent).
From the Global Geothermal News archives:
- Monday, February 4, 2019 - Philippines: Geothermal Developer Launches Green Bond to Fund Renewable Energy Projects
- Wednesday, January 9, 2019 - Philippines: Geothermal Energy Companies Join Forces
- Tuesday, January 23, 2018 - Indonesia: AC Energy Has High Hopes for New Geothermal Energy Assets
- Friday, January 19, 2018 - Philippines: AC Renewables Inc. is New Name for Ayala Group Renewable Energy Business