• Alsons bares terms of deal with GBP


    ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) has unveiled the financial terms of its partnership with Global Business Power Corp. (GBP) through its subsidiary Alsons Thermal Energy Corp. (ATEC).

    In a disclosure to the Philippine Stock Exchange (PSE), Alsons said it has agreed to sell to GBP 14.95 million shares in ATEC at a price of P159.03 per share. Alsons will also assign 50 percent of its receivables to GBP. Once closed, the transaction would be worth about P2.38 billion.

    ATEC is the holding company for Alsons’ baseload coal-fired power plant assets.

    Alsons said it followed the lock box mechanism in which “[t]he purchase price of the shares and advances shall be determined once the conditions precedent listed below have been met.”

    As for the terms of payment, the purchase price of the shares (less a retention amount of P100 million) and the purchase price of the advances shall be paid to by GBP to Alsons on closing.

    The retention amount shall then be paid by GBP to the ACR after securing the BIR Certificate Authorizing Registration for the shares.

    Last month, ACR informed the bourse that GBP’s move to acquire a 50 percent stake in ATEC had been finalized, which had been sealed with the signing of a shareholder’s agreement in November.

    Both entities first announced the investment agreement in June last year. In September, the Philippine Competition Commission (PCC) gave its go-ahead for the partnership.

    According to Tomas Alcantara, Alsons group chairman and president, the partnership would boost the two firms’ capacity to provide power connectivity in the Visayas and Mindanao.

    “The synergy within ATEC will come to the fore once interconnection of the grid makes it possible for power consumers in the Visayas to be supplied from Mindanao and vice versa. The partnership will also give ACR the opportunity to pursue with greater intensity its other energy-based projects outside of the ATEC umbrella, particularly its renewable power generating plants in Mindanao and Western Visayas,” Alcantara explained.

    GBP is 56 percent owned by Beacon Electric Asset Holdings, Inc. (BEAHI) through Beacon PowerGen Holdings, Inc. BEAHI is a joint venture between MPIC and PLDT Communications and Energy Ventures, Inc. (PCEV), with MPIC holding a 50 percent voting interest in BEAHI.

    Alsons, the first independent power producer in Mindanao, is a publicly listed company of the Alcantara Group with subsidiaries engaged in power generation, property development, industrial estate management, and other investments.


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