Listed A. Brown Co. Inc. (ABCI) has sold its full stake in Peakpower Bukidnon Inc. (PBI) to its wholly owned subsidiary Peakpower Energy Inc. (PEI).
In a disclosure to the Philippine Stock Exchange (PSE), ABCI sold its 100 percent interest or 2.5 million shares in PBI to its associate PEI at par value of P1 per share.
As a result of the transaction, all peaking projects will be consolidated under one holding company, Peakpower Energy.
“The sale of PBI shall streamline the company’s investment in power sector engaging in bunker-fired power projects,” said A. Brown.
PEI was formed in 2013 to implement the development and operation of ABCI’s power generation project.
These various projects are designed to generate approximately 110-megawatt of peaking energy spread across various A+/Green rated electric cooperatives in Mindanao.
These are build-operate-maintain and -transfer agreements for brand new bunker-fired engines.
The firm is also working to develop, construct and operate diesel power plants in Mindanao through its subsidiaries, Peakpower Soccsargen Inc. and Peakpower San Francisco Inc.
A. Brown is a diversified holding company engaged in real estate development, agribusiness, energy generation projects and mining ventures.
The company was originally incorporated on December 21, 1966 as Bendaña, Brown, Pizarro & Associates Inc. and later renamed to Epic Holdings Corp. on October 1, 1992.